ABC Co. purchased land as a factory site for $1,340,000. ABC paid $120,000 to tear down two buildings on the land. Salvage was sold for $8,100. Legal fees of $5,220 were paid for title investigation and making the purchase. Architect's fees were $46,800. Title insurance cost $3,600, and liability insurance during construction cost $3,900. Excavation cost $15,660. The contractor was paid $4,200,000. A one-time assessment made by the city for pavement against the purchased land was $9,600. Interest costs during construction were $255,000. The cost of the land that should be recorded by ABC Co. is