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On - Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $ 2 7 , 0 0 0 in cash and

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 in cash and giving a short-term note for $275,000. Legal fees paid were $1,605, delinquent taxes assumed were $11,200, and fees paid to remove an old building from the land were $20,600. Materials salvaged from the demolition of the building were sold for $4,500. A contractor was paid $918,100 to construct a new warehouse.

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