Determining cost of landOn$-$Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $$42,000$ in cash and giving a short$-$term note for $$314,000.$ Legal fees paid were $$1,600,$ delinquent taxes assumed were $$12,800,$ and fees paid to remove an old building from the land were $$19,200.$ Materials salvaged from the demolition of the building were sold for $$5,300.$ A contractor was paid $$1,082,200$ to construct a new warehouse.Determine the cost of the land to be reported on the balance sheet.