Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $25,000 in cash and giving a short-term note for $245,000. Legal fees paid were $2,345, delinquent taxes assumed were $10,900, and fees paid to remove an old building from the land were $18,700. Materials salvaged from the demolition of the building were sold for $4,100. A contractor was paid $820,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.