On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 in cash and giving a short-term note for $308,000. Legal fees paid were $1,555, delinquent taxes assumed were $10,700, and fees paid to remove an old building from the land were $16,600. Materials salvaged from the demolition of the building were sold for $5,100. A contractor was paid $1,024,500 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet