Determining Cost of Land

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $39,000 and giving a short-term note for $339,000. Legal fees paid were $1,505, delinquent taxes assumed were $10,500, and fees paid to remove an old building from the land were $17,600. Materials salvaged from the demolition of the building were sold for $5,700. A contractor was paid $1,149,100 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet. $_______________