Falcon Company purchased and to construct a now warehouse, paying530,000 and giving a long-term note for $370,000. Legal fees paid wore 11.000, delinquent taxes assumed were $12,000, and fees paid to remove an old building from the land were 316,500. Materials salvaged from the demolition of the building were sold for 54,500. A contractor was paid 51,000,000 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet 5446.000 7000 3441.500 O 5418.500