Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $31,000 and giving a short-term note for $255,000. Legal fees paid were $2,410, delinquent taxes assumed were $12,200, and fees paid to remove an old building from the land were $21,000. Materials salvaged from the demolition of the building were sold for $4,300. A contractor was paid $869,400 to construct a new warehouse. Required:
Determine the cost of the land to be reported on the balance sheet.