Determining Cost of Land

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $39,000 in cash and giving a short-term note for $241,000. Legal fees paid were $1,855, delinquent taxes assumed were $15,500, and fees paid to remove an old building from the land were $20,900. Materials salvaged from the demolition of the building were sold for $4,200. A contractor was paid $851,200 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1