Determining Cost of Land

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 in cash and giving a short-term note for $325,000. Legal fees paid were $1,320, delinquent taxes assumed were $11,200, and fees paid to remove an old building from the land were $20,600. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,085,300 to construct a new warehouse.

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