Express Delivery Company acquired an adjacent lot to construct a new warehouse, paying $80,000 and giving a short-term note for $620,000. Legal fees paid were $1,900, delinquent taxes assumed were $9,000, and fees paid to remove an old building from the land were $6,000. Materials salvaged from the demolition of the building were sold for $1,175. A contractor was paid $800,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. Capital and revenue expenditures Hometown Delivery Co. Incurred the following costs related to trucks and vans used In operating its delivery service: Changed the oil and greased the joints of all the trucks and vans. Changed the radiator fluid on a truck that had been in service for the past four years