Village Delivery Company purchased a lot to construct a new warehouse for $339,000, paying $38,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $2,185, delinquent taxes assumed were $11,800, and fees paid to remove an old building from the land were $23,100. Materials salvaged from the demolition of the building were sold for $5,700. A contractor was paid $1,146,100 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet