Determining Cost of land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 in cash and giving a short-term note for $325,000, Legal fees paid were $2,120, delinquent taxes assumed were $12,900, and fees paid to remove an old building from the land were $20,400. Materials salvaged from the demolition of the bullding were sold for $5,200. A contractor was paid $1,057,900 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet