On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $60,000 in cash and giving a short-term note for $100,000. Legal fees paid were $1,250, delinquent taxes assumed were $10,000, and fees paid to remove an old building from the land were $8,000. Materials salvaged from the demolition of the building were sold for $1,500. A contractor was paid $415,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet