Village Delivery Company purchased a lot to construct a new warehouse for $327,000, paying $34,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,585, delinquent taxes assumed were $14,400, and fees paid to remove an old building from the land were $21,800. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,097,400 to construct a new warehouse.

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

I came up with $360,082 but that is not right.