On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $44,000 in cash and giving a short-term note for $333,000. Legal fees paid were $2,035, delinquent taxes assumed were $12,100, and fees paid to remove an old buliding from the land were $17,900. Materials salvaged from the demolition of the building were sold for $5,700, A contractor was paid $1,146,100 to construct a new warehouse. Determine the cost of the fand to be reported on the balance sheet. 9