On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $28,000 in cash and giving a short-term note for $318,000. Legal fees paid were $1,835, delinquent taxes assumed were $11,000, and fees paid to remove an old building from the land were $19,100. Materials salvaged from the demolition of the building were sold for $5,200. A contractor was paid $1,051,800 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1