Use the following information to answer questions 3 & 4

On January 1, 2019, ABC Corporation purchased land as a factory site for 150,000.

An old building on the property was removed, and construction began on a new building which was completed on November 1, 2019.

Costs incurred during this period are listed below:

Removal of old building 20,000

Architect's fees35,000

Legal fees for title investigation and purchase contract5,000

Construction costs1,090,000

Salvaged materials from the old building were sold for10,000.

Actual Interest during construction (capitalized)15,000

What is the cost of the Land?

Answer: