On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $45,000 in cash and giving a short-term note for $310,000. Legal fees paid were $2,230, delinquent taxes assumed were $15,100, 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 $5,300. A contractor was paid $1,079,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.