Next Day Delivery Company acquired an adjacent lot to construct a new warehouse, paying

$25,000 and giving a short-term note for $175,000. Legal fees paid were $1,200, delinquent taxes assumed were $10,850, and fees paid to remove an old building from the land were $15,000. Materials salvaged from the demolition of the building were sold for $2,400.

A contractor was paid $760,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.