On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in cash and giving a short-term note for $289,000. Legal fees paid were $1,855, delinquent taxes assumed were $9,300, and fees paid to remove an old building from the land were $18,100. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,003,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet