Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 and giving a short-term note for $245,000. Legal fees paid were $1,550, delinquent taxes assumed were $12,900, and fees paid to remove an old building from the land were $16,400. Materials salvaged from the demolition of the building were sold for $4,200. A contractor was paid $842,100 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.