Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $45,000 and giving a short-term note for $327,000. Legal fees paid were $2,485, delinquent taxes assumed were $10,900, and fees paid to remove an old building from the land were $19,200. Materials salvaged from the demolition of the building were sold for $5,600. A contractor was paid $1,130,900 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet