Village Delivery Company purchased a lot to construct a new warehouse for $300,000, paying $28,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $2,475, delinquent taxes assumed were $10,400, and fees paid to remove an old building from the land were $20,400. Materials salvaged from the demolition of the building were sold for $4,900. A contractor was paid $997,100 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.