Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $37,000 in cash and giving a short- term note for $264,000. Legal fees paid were $1,615, delinquent taxes assumed were $12,500, and fees paid to remove an old building from the land were $22,500. Materials salvaged from the demolition of the building were sold for $4,500. A contractor was paid $915,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $ 332,615 x Check My Work Omore Check My Work uses remaining. Previous Next