Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 and giving a short-term note for $274,000. Legal fees paid were $2,500, delinquent taxes assumed were $9,600, and fees paid to remove an old building from the land were $16,900. Materials salvaged from the demolition of the building were sold for $4,500. A contractor was paid $921,100 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet