Determine Cost of Land

Village Delivery Company purchased a lot to construct a new warehouse for $$278,000,$ paying $$30,000$ in cash and giving a short$-$term note for the remainder. Legal fees paid in connection with the purchase were $$1,410,$ delinquent taxes assumed were $$12,300,$ and fees paid to remove an old building from the land were $$18,100.$ Materials salvaged from the demolition of the building were sold for $$4,600.$ A contractor was paid $$936,300$ to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet.

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