Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $33,000 in cash and giving a short-term note for $260,000. Legal fees paid were $2,210, delinquent taxes assumed were $14,100, and fees paid to remove an old building from the land were $18,800. Materials salvaged from the demolition of the building were sold for $4,400. A contractor was paid $890,700 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet