Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $45,000 in cash and giving a short-term note for $317,000. Legal fees paid were $1,625, delinquent taxes assumed were $10,500, and fees paid to remove an old building from the land were $21,400. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,100,500 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.