Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $37,000 and giving a short-term note for $322,000. Legal fees paid were $2,365, delinquent taxes assumed were $13,500, and fees paid to remove an old building from the land were $19,900. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,091,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet