On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $30,000 in cash and giving a short-term note for $240,000. Legal fees paid were $2,110, delinquent taxes assumed were $15,700, and fees paid to remove an old building from the land were $20,600. Materials salvaged from the demolition of the building were sold for $4,100. A contractor was paid $820,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.