Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 and giving a short-term nate for $317,000. Legal fees paid were $2,055, delinquent taxes assumed were $10,300, and fees paid to remove an old building from the land were $17,600. Materials salvaged from the demolition of the building were sold for $5,200. A contractor was paid $1,051,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet