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 $279,000. Legal fees paid were $2,105, delinquent taxes assumed were $13,300, and fees paid to remove an old building from the land were $22,300. Materials salvaged from the demolition of the building were sold for $4,700. A contractor was paid $945,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1