Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 and giving a short- term note for $255,000. Legal fees paid were $1,695, delinquent taxes assumed were $14,400, and fees paid to remove an old building from the land were $20,200. Materials salvaged from the demolition of the building were sold for $4,300. A contractor was paid $863,400 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet