Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 in cash and giving a short-term note for $268,000. Legal fees paid were $2,500, delinquent taxes assumed were $12,400, and fees paid to remove an old building from the land were $17,800. Materials salvaged from the demolition of the building were sold for $4,500. A contractor was paid $902,900 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.