Langley Delivery Company acquired an adjacent lot to construct a new warehouse, paying \($30,000\) and giving a short-term note for \($90,000.\) Legal fees paid were

\($3,500,\) delinquent taxes assumed were \($7,500,\) and fees paid to remove an old building from the land were \($7,200.\) Materials salvaged from the demolition of the building were sold for''\($2,000.\) A contractor was paid'\($3\) 12,500 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.