On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $33,000 in cash and giving a short-term note for $303,000. Legal fees paid were $1,525, delinquent taxes assumed were $13,300, and fees paid to remove an old building from the land were $20,800. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,021,400 to construct a new warehouse. Determine the cost of the land to be reported on the