Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $25,000 and giving a short-term note for $293,000. Legal fees paid were $2,005, delinquent taxes assumed were $13,300, and fees paid to remove an old building from the land were $16,700. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $966,700 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet