On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in cash and giving a short-term note for $304,000. Legal fees paid were $1,705, delinquent taxes assumed...

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in cash and giving a short-term note for $304,000. Legal fees paid were $1,705, delinquent taxes assumed were $13,000, and fees paid to remove an old building from the land were $22,800. Materials salvaged from the demolition of the building were sold for $5,200. A contractor was paid $1,048,800 to construct a new warehouse.

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