eBook Show Me How Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $34,000 in cash and giving a short-term note for $275,000. Legal fees paid were $1,500, delinquent taxes assumed were $9,800, and fees paid to remove an old building from the land were $19,100. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $939,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1