Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $31,000 in cash and giving a short-term note for $250,000. Legal fees paid were $2,030, delinquent taxes assumed were $10,300, and fees paid to remove an old building from the land were $18,500. Materials salvaged from the demolition of the building were sold for $4,200. A contractor was paid $854,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $