Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $44,000 in cash and giving a short-term note for $298,000. Legal fees paid were $2,340, delinquent taxes assumed were $11,400, and fees paid to remove an old building from the land were $20,100. Materials salvaged from the demolition of the building were sold for $5,100. A contractor was paid $1,039,700 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet