Determining cost of land

On$-$Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $$30,000$ in cash and giving a short$-$

term note for $$258,000.$ Legal fees paid were $$2,215,$ delinquent taxes assumed were $$9,400,$ and fees paid to remove an old

building from the land were $$18,100.$ Materials salvaged from the demolition of the building were sold for $$4,300.$ A contractor

was paid $$875,500$ to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet.

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