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Determine Cost of Land Village Delivery Company purchased a lot to construct a...

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Accounting

Determine Cost of Land
Village Delivery Company purchased a lot to construct a new warehouse for $278,000, paying $30,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,410, delinquent taxes assumed were $12,300, and fees paid to remove an old building from the land were $18,100. 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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