On January 1, 2023, Beta Company purchased a piece of land for $400,000. The company incurred $5,000 in legal fees and $10,000 in surveying fees to acquire the land. In addition, the company spent $30,000 to clear the land and $20,000 to construct a fence around the land. On December 31, 2023, an appraisal determined that the land had a fair value of $450,000. What is the cost of the land that should be recorded on Beta Company's balance sheet?

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