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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 $271,000. Legal fees paid were $2,005, delinquent taxes assumed were $15,100, and fees paid to remove an old building from the land were $18,900. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $936,300 to construct a new warehouse.
Determine the cost of the land to be reported on the balance sheet. $_
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