Village Delivery Company purchased a lot to construct a new warehouse for $293,000, paying $44,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,420, delinquent taxes assumed were $13,300, and fees paid to remove an old building from the land were $18,100. Materials salvaged from the demolition of the building were sold for $5,100. A contractor was paid $1,024,500 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1