Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $28,000 in cash and giving a short-term note for $277,000. Legal fees paid were $1,395, delinquent taxes assumed were $14,800, and fees paid to remove an old building from the land were $18,800. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $927,200 to construct new warehouse. Determine the cost of the land to be reported on the balance sheet. Check My Work Previous Next > Email Instructor Save and Exit Submit Assignment for Grading