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Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $33,000 and...

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Accounting

Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $33,000 and giving a short-term note for $328,000. Legal fees paid were $2,235, delinquent taxes assumed were $9,800, and fees paid to remove an old building from the land were $17,500. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,097,400 to construct a new warehouse.

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