Determining Cost of Land

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $39,000 in cash and giving a short-term note for $326,000. Legal fees paid were $1,470, delinquent taxes assumed were $10,400, and fees paid to remove an old building from the land were $16,500. Materials salvaged from the demolition of the building were sold for $5,500. A contractor was paid $1,109,600 to construct a new warehouse.

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