Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 and giving a short-term note for $248,000. Legal fees paid were $2,440, delinquent taxes assumed were $14,400, and fees paid to remove an old building from the land were $20,600. Materials salvaged from the demolition of the building were sold for $4,300. A contractor was paid $878,600 to construct a new warehouse.

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

$______