The Corner Market has decided to expand its retail store by building on a vacant lot it currently owns. This lot was purchased four years ago at a cost of $299 000, which the firm paid in cash. To date, the firm has spent another $38 000 on land improvements, all of which was also paid in cash. Today, the lot has a market value of $329 000. 

What value should be included in the analysis of the expansion project for the cost of the land?