Determine Cost of Land Village Delivery Company purchased a lot to construct a new warehouse for $257,500, paying $100,000 in cash and giving a short-term note for the remainder, Legal fees paid in connection with the purchase were $5,000, delinguont taxes assumed were 58,025 , and fees paid to remove an old bullding from the land were $10,250. Materials salvaged from the demolition of the building were sold for $1,100,A contractor was paid $450,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet