Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $42,000 and giving a short-term note for $309,000. Legal fees paid were $1,920, delinquent taxes assumed were $15,600, and fees paid to remove an old building from the land were $16,900. Materials salvaged from the demolition of the building were sold for $5,300. A contractor was paid $1,067,000 to construct a new warehouse.

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