Determining cost of landOn$-$Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $$35,000$ in cash and giving a short$-$term note for $$319,000.$ Legal fees paid were $$2,120,$ delinquent taxes assumed were $$13,900,$ and fees paid to remove an old building from the land were $$22,600.$ Materials salvaged from the demolition of the building were sold for $$5,300.$ A contractor was paid $$1,076,200$ to construct a new warehouse.Determine the cost of the land to be reported on the balance sheet