Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $28,000 in cash and giving a short-term note for $324,000. Legal fees paid were $2,325, delinquent taxes assumed were $14,300, and fees paid to remove an old building from the land were $19,600. Materials salvaged from the demolition of the building were sold for $5,300. A contractor was paid $1,070,100 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet