Determining cost of land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $45,000 in cash and giving a short-term note for $319,000. Legal fees paid were $1,605, delinquent taxes assumed were $12,300, and fees paid to remove an old building from the land were $19,000. Materials salvaged from the demolition of the building were sold for $5,500. A contractor was paid $1,106,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

Determining cost of land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $45,000 in cash and giving a short-term note for $319,000. Legal fees paid were $1,605, delinquent taxes assumed were $12,300, and fees paid to remove an old bulding from the land were $19,000, Materials salvaged from the demolition of the bulding were sold for $,500. A controctor was paid $1,106,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. 9