Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $30,000 in cash and giving a short-term note for $317,000. Legal fees paid were $2,105, delinquent taxes assumed were $10,800, and fees paid to remove an old building from the land were $19,100. Materials salvaged from the demolition of the building were sold for $5,200. A contractor was paid $1,054,900 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. 174,750 X