On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $37,000 in cash and giving a short-term note for $288,000. Legal fees paid were $2,065, delinquent taxes assumed were $14,200, and fees paid to remove an old building from the land were $22,100. Materials salvaged from the demolition of the building were sold for $4,900. A contractor was paid $988,000 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet.