Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $40,000 and giving a short-term note for $240,000. Legal fees paid were $2,310, delinquent taxes assumed were $11,800, and fees paid to remove an old building from the land were $17,000. Materials salvaged from the demolition of the building were sold for $4,200. A contractor was paid $851,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.