Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse paying $26,000 in cash and giving a short-term note for $282,000. Legal fees paid were $2,385, delinquent taxes assumed were $11,600, and fees paid to remove an old building from the land were $18,100. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $936,300 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet