Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $26,000 and giving a short-term note for $295,000. Legal fees paid were $2,265, delinquent taxes assumed were $13,800, and fees paid to remove an old building from the land were $17,200. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $975,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet