Determining Cost of Land

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $38,000 and giving a short-term note for $267,000. Legal fees paid were $2,295, delinquent taxes assumed were $14,600, and fees paid to remove an old building from the land were $18,600. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $927,200 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1