Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $28,000 in cash and giving a short-term note for $338,000. Legal fees paid were $2,230, delinquent taxes assumed were $15,000, an paid to remove an old building from the land were $19,600. Materials salvaged from the demolition of the building were sold for $5,500. A contractor was paid $1,112,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.