La Bianco Company purchased land for a manufacturing facility for 1,100,000. The company paid 70,000 to tear down a building on the land. Salvage was sold for 10,500. Legal fees of 6,500 were paid for title investigation and making the purchase. Architect's fees were 40,500. Title insurance cost 4,500, and liability insurance during construction cost 13,500. Excavation cost 12,000. The contractor was paid 1,357,000. A one-time assessment made by the city for sidewalks was 7,500. La Bianca installed lighting and signage at a cost of 11,000. The cost of the land that should be recorded by La Bianca is