Fresh Veggies, Incorporated $($FVI$),$ purchases land and a warehouse for $$590,000.$ In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $$39,000$; title insurance, $$2,900$; and miscellaneous closing costs, $$7,800.$ The warehouse is immediately demolished at a cost of $$39,000$ in anticipation of building a new warehouse. Determine the cost of the land and record the purchase $($assuming cash was paid for all expenditures$).$