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 $302,000. Legal fees paid were $1,520, delinquent taxes assumed were $9,400, and fees paid to remove an old building from the land were $16,900. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,015,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $