Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $40,000 and giving a short-term note for $303,000. Legal fees peid were $1,755, delinquent taxes assumed were $11,600, and fees paid to remove an old building from the land were $16,800. Materials salvaged from the demolition of the building were sold for $5,100. A contractor was paid $1,042,700 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet