Flexsteel Industries, acquired an existing buildingand land for $470,000. The following additional expenditures were made related to the purchase:broker's commission, $27,000; title insurance, $1,700; and closing costs, $5,600. In anticipation of constructing a new building, the existing building was demolished immediately at a cost of $27,000.

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