Soccer Wholesale purchased land and a warehouse for one price of $$710,000.$ In addition to the purchase price, Soccer Wholesale makes the following expenditures related to the acquisition: commission to sales agent, $$42,300$; title insurance, $$3,900$; and miscellaneous closing costs, $$9,100.$ The warehouse is immediately demolished at a cost of $$89,100$ in anticipation of building a new warehouse.

Required:

Determine the amount Soccer Wholesale should report as the cost of the land.

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