Determining Cost of Land On Time Delivery Company acquired an adjacent to construct a newboute, pay 544,000 in cash and giving a short term not for 5328,000. Legal fees paid were $2,200 delinquent taxes assumed were $11,300, and fees paid to remove and building from the land were $6.500. Materials salvaged from the demaition of the building were sold for $5,600. A contractor was paid $1,130,900 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet