Village Delivery Company purchased a lot to construct a new warehouse for $287,500, paying $100,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $3,000, delinquent taxes assumed were $2,050, and fees paid to remove an old building from the land were $7,750. Materials salvaged from the demolition of the building were sold for $1,300. A contractor was paid $450,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.