Flexsteel Industries, acquired an existing building and land for $570,000. The following additional expenditures were made related to the purchase: broker's commission, $37,000; title insurance, $2,700; and closing costs, $7,400. In anticipation of constructing a new building, the existing building was demolished immediately at a cost of $37,000.

Determine the amount Flexsteel should record as the cost of the land.