On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $37,000 in cash and giving a short-term note for $270,000. Legal fees paid were $1,970, delinquent taxes assumed were $14,700, and fees paid to remove an old building from the land were $17,400. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $933,300 to construct a new warehouse