Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 and giving a short-term note for $321,000. Legal fees paid were $2,105, delinquent taxes assumed were $10,000, and fees paid to remove an old building from the land were $21,400. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,085,300 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 and giving a short-term note for $321,000. Legal fees paid were $2,105 delinquent taxes assumed were $10,000, and fees paid to remove an old building from the land were $21,400. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,085,300 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet