On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $33,000 in cash and giving a short-term note for $318,000. Legal fees paid were $2,205, delinquent taxes assumed were $15,300, and fees paid to remove an old building from the land were $21,900. Materials salvaged from the demolition of the building were sold for $5,300. A contractor was paid $1,067,000 to construct a new warehouse.

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