Cost of Land On-Time Delivery Company acquired an adjacent lot were $2,480, delinquent taxes demolition of the building were sold for $5,300. A contractor was paid $1,073,100 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. to construct a new warehouse, paying $32,000 and giving a short-term note for $321,000. Legal fees paid assumed were $13,300, and fees paid to remove an old building from the land were $18,600. Materials salvaged from the