Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $34,000 and giving a short-term note for $273,000. Legal fees paid were $2,170, delinquent taxes assumed were $13,300, and fees paid to remove an old building from the land were $19,900. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $933,300 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet