Adjusted Basis, Initial Basis (LO. 3, 5)

Florian Corporation purchases a piece of land for investment purposes on April 1. Florian pays the seller $1,800 cash and agrees to pay the seller $2,980 per year for the next 5 years plus interest at 9% per year on the outstanding balance. As part of the purchase agreement, Florian agrees to pay all property taxes for the year, a total of $340. In addition, Florian pays legal fees of $540 connected with the purchase and gives the seller a car worth $4,160 (Florian's basis is $10,900).

Florian Corporation's basis in the land is $________.