Determining cost of land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 in cash and giving a short-term note for $240,000. Legal fees paid were 52,315 , delinquent takes assumed were 510,200 , and fees paid to remove an oid bullding from the land were $20,800. Materials salvaged from the demolition of the bulding were sold for $4,000. A contractor was paid $817,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet