On$-$Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $$31,000$ in cash and giving a short$-$term note for $$286,000.$ Legal fees paid were $$1,850,$ delinquent taxes assumed were $$9,200,$ and fees paid to remove an old building from the land were $$17,000.$ Materials salvaged from the demolition of the building were sold for $$4,800.$ A contractor was paid $$963,700$ to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet.