Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $38,000 in cash and giving a short-term note for $327,000. Legal fees paid were $2,250, delinquent taxes assumed were $9,200, and fees paid to remove an old building from the land were $23,100. Materials salvaged from the demolition of the building were sold for $5,500. A contractor was paid $1,109,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paving $38,000 in cash and giving a short-term note for $327,000. Legal fees paid were $2,250, delinquent taxes assumed were $9,200, and fees paid to remove an old building from the land were $23,100. Materials salvaged from the demolition of the building were sold for $5,500. A contractor was paid $1,109,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance shet. On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paving $38,000 in cash and giving a short-term note for $327,000. Legal fees paid were $2,250, delinquent taxes assumed were $9,200, and fees paid to remove an old building from the land were $23,100. Materials salvaged from the demolition of the building were sold for $5,500. A contractor was paid $1,109,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance shet