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 $315,000. Legal fees paid were $1,730, delinquent taxes assumed were $11,100, and fees paid to remove an old building from the land were $20,000. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,088,300 to construct a new warehouse.

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