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On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in...

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Accounting

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in cash and giving a short-term note for $299,000. Legal fees paid were $1,485, delinquent taxes assumed were $14,500, and fees paid to remove an old building from the land were $21,200. Materials salvaged from the demolition of the building were sold for $5,100. A contractor was paid $1,033,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.
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