10.2)

10.5)

Show Me How Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $25,000 and giving a short-term note for $251,000. Legal fees paid were $2,465, delinquent taxes assumed were $12,400, and fees paid to remove an old building from the land were $17,200. Materials salvaged from the demolition of the building were sold for $4,100. A contractor was paid $839,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet