Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $31.000 in cath and giving a short-term note for $316,000. Legal fees paid were $1,945, delinquent tases assumed were 115.300, and fees paid to remove an old building from the land were $17,900. Materiels salvaged from the demolition of the building were sold for $5,200. A contractor was paid $1.054,900 to construct a new w Determine the cost of the land to be reported on the balance sheet.