Determining Cost of Land On-Time Delvery Company acquired an adjacent lot to construct a new worehouse, psying $33,000 in cash and giving a short-term note for $325,000. Legal fees pald were $2,395, delinquent taxes assumed were $13,300, and fees paid to remove an old bullding from the lend were $20,300, Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,088,300 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet