Alligator Delivery Company acquired an adjacent lot to construct a new warehouse, paying $35,000 and giving a short-term note for $125,000. Legal fees paid were $1,100, delinquent taxes assumed were $12,500, and fees paid to remove an old building from the land were $18,000. Materials salvaged from the demolition of the building were sold for $3,600. A contractor was paid $512,500 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.