Village Delivery Company purchased a lot to construct a new warehouse for $333,000, paying $27,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $2,440, delinquent taxes assumed were $10,300, and fees paid to remove an old building from the land were $18,900. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,094,400 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet. $______