Determine the Cost of Land Village Delivery Company purchased a lot to construct a new warehouse for $275,000, paying $34,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $2,195, delinquent taxes assumed were $12,200, and fees paid to remove an old building from the land were $22,500. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $939,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1