Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $420,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $22,000; title insurance, $1,200; and miscellaneous closing costs, $4,400. The warehouse is immediately demolished at a cost of $22,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land.