Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 in cash and giving a short-term note for $332,000. Legal fees paid were $1,950, delinquent taxes assumed were $12,200, and fees paid to remove an old building from the land were $20,300. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,091,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet