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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 $266,000. Legal fees paid were $1,305, delinquent taxes assumed were $10,400, and fees paid to remove an old building from the land were $22,000. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $933,300 to construct a new warehouse.
Determine the cost of the land to be reported on the balance sheet.

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