On$-$Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $$41,000$ in cash and giving a short$-$term note for $$299,000.$ Legal fees paid were $$1,485,$ delinquent taxes assumed were $$14,500,$ and fees paid to remove an old building from the land were $$21,200.$ Materials salvaged from the demolition of the building were sold for $$5,100.$ A contractor was paid $$1,033,600$ to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.