On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $43,000 in cash and giving a short-term note for $332,000. Legal fees paid were $2,160, delinquent taxes assumed were $11,000, and fees paid to remove an old building from the land were $20,300. Materials salvaged from the demolition of the building were sold for $5,600. A contractor was paid $1,140,000 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet.