Determining Cost of Land On-Time. Delivery Company acquired an adjacent lot to construct a new warehouse, paying 537,060 in cash and giving a shertterm note for s3ns,000 weyut . fees paid were $1,480, delinquent taxes assumed were $10,400, and fees paid to remove an old builing from the und were $18.308. Marinuis andaped from the demolition of the buliding were sold for $5,300. A contractor was paid $1,070,100 to construct a new waretioute Determine the cost of the land to be reported on the balance sheet