Determining Cost of Land On-Time Delivery Company acquired an adjacent a new and fees paid to remove an old building from the land were $9,000. Materials salvaged Determine the cost of the land to be reported on the balance sheet. assumed were $25,000, lot to construct a new warehouse, paying $90,000 and giving a short-term note for $50,000. Legal fees paid were $1.750, delinquent taxes from the demolition of the building were sold for $1,000. A contractor was paid $415,000 to construct a new warehouse