Determining cost of land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 in cash and giving a short-term note for $273,000. Legal fees paid were $1,850, delinquent taxes assumed were $11,300, and fees paid to remove an old building from the land were $22,300. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $939,400 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 $36,000 in cash and giving a short-term note for $273,000. Legal fees pald were $1,850, delinquent taxes assumed were $11,300, and fees paid to remove an old building from the land were $22,300. Materials salvaged from the demolition of the bullding were sold for $4,600. A contractor was paid $939,400 to construct a new warehouse, Determine the cost of the land to be reported on the balance sheet