Rapid Delivery Company acquired an adjacent lot to construct a new warehouse, paying $100,000 and giving a short-term note for $400,000. Legal fees paid were $4,500, delinquent taxes assumed were $12,000, and fees paid to remove an old building from the land were $7,500. Materials salvaged from the demolition of the building were sold for $1,300. A contractor was paid $1,250,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.