Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $43,000 in cash and giving a short term note for $270,000. Legal fees paid were $2,205, delinquent taxes assumed were $10,700, and fees paid to remove an old building from the land were $17,700. Materials salvaged from the demolition of the building were sold for $4,700. A contractor was paid $951,500 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet