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Determining Cost of Land

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 $289,000. Legal fees paid were $1,615, delinquent taxes assumed were $9,200, and fees paid to remove an old building from the land were $17,300. Materials salvaged from the demolition of the building were sold for $4,900. A contractor was paid $991,000 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1