Fresh Veggies, Incorporated $($FVI$),$ purchases land and a warehouse for $$450,000.$ In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $$25,000$; title insurance, $$1,500$; and miscellaneous closing costs, $$5,200.$ The warehouse is immediately demolished at a cost of $$25,000$ in anticipation of building a new warehouse.

Determine the cost of the land and record the purchase $($assuming cash was paid for all expenditures$).($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$