Village Delivery Company purchased a lot to construct a new warehouse for $303,000, paying $35,000 in cash and giving a short-term note for the remainder. Legal fees paid In connection with the purchase were $2,500, delinquent taxes assumed were $11,700, and fees paid to remove an old building from the land were $20,000. Materials salvaged from the demolition of the building were soid for $5,100. A contractor was pald $1,027,500 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet