Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $45,000 and giving a short-term note for $266,000. Legal fees paid were $2,170, delinquent taxes assumed were $10,000, and fees paid to remove an old building from the land were $18,200. Materials salvaged from the demolition of the building were sold for $4,700. A contractor was paid 1945,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet