Determine the Cost of Land Village Delivery Company purchased a lot to construct a new warehouse for $281,000, paying $32,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,850, delinquent taxes assumed were $14,600, 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 $4,700. A contractor was paid $951,500 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet