Determine the Cost of Land Village Delivery Company purchased a lot to construct a new warehouse for $292,000, paying $45,000 in cash and ghing a short-term note for the nmeinger tege foes paid in connection with the purchase were $1,995, delinquent taxes assumed were $15,200, and fees paid to remove an old bulding fiom the land wirn $19,300, Hatmiss salvaged from the demolition of the buliding were sold for $5,100. A contractor was paid $1,024,500 to construct a new warehause. Determine the cost of the land to be reported on the balance sheet