Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $35,000 and giving a short-term note for $301,000. Legal fees paid were $1,680, delinquent taxes assumed were $14,900, and fees paid to remove an old building from the land were $22,000. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,021,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet