On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 in cash and giving a short-term note for $248,000. Legal fees paid were $1,560, delinquent taxes assumed were $14,800, and fees paid to remove an old building from the land were $20,200. Materials salvaged from the demolition of the building were sold for $4,200. A contractor was paid $851,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. /