Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $26,000 and giving a short- term note for $307,000. Legal fees paid were $1,620, delinquent taxes assumed were $13,800, and fees paid to remove an old building from the land were $21,500. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,012,300 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet