Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $440,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $24,000; title insurance, $1,400; and miscellaneous closing costs, $4,800. The warehouse is immediately demolished at a cost of $24,000 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.)