Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 and giving a short-term note for $294,000. Legal fees paid were $2,000, delinquent taxes assumed were $15,700 and fees paid to remove an old building from the land were $18,000. Materials salvaged from the demolition of the building were sold for $4,900 A contractor was pait $991,000 to construct a new warhouse Determine the cost of the land to be reported on the balance sheet.