On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $37,000 in cash and giving a short-term note for $304,000. Legal fees paid were $2,485, delinquent taxes assumed were $9,900, and fees paid to remove an old building from the land were $16,300. Materials salvaged from the demolition of the building were sold for $5,100. A contractor was paid $1,036,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.