eBook Show Me How Question Content Area Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $44,000 in cash and giving a short-term note for $248,000. Legal fees paid were $2,175, delinquent taxes assumed were $11,100, and fees paid to remove an old building from the land were $17,900. Materials salvaged from the demolition of the building were sold for $4,400. A contractor was paid $887,700 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1