Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 and giving a short-term note for $254,000. Legal fees paid were $2,480, delinquent taxes assumed were $15,500, and fees paid to remove an old building from the land were $17,900. Materials salvaged from the demolition of the building were sold for $4,200. A contractor was paid $854,200 to construct a new warehouse.

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