On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying 545,000 in cash and giving a short-term note for \$326,000. Legal fees paid were $1,530, delinquent taxes assumed were $12,400, and fees paid to remove an old building from the land were 517,600 . Materials salvaged from the demolibion of the building were sold for $5,600. A contractor was paid $1,127,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. Pewitesch Costs incurred to ready the assel for use are added to the asset account Maleriais salvaged and sold ouring the process reduce the cost of the land