On$-$Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $$41,000$ in cash and giving a short$-$term note for $$266,000.$ Legal fees paid were $$1,305,$ delinquent taxes assumed were $$10,400,$ and fees paid to remove an old building from the land were $$22,000.$ Materials salvaged from the demolition of the building were sold for $$4,600.$ A contractor was paid $$933,300$ to construct a new warehouse.

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