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Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new...

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Accounting

Determining Cost of Land

Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $40,000 and giving a short-term note for $294,000. Legal fees paid were $1,930, delinquent taxes assumed were $12,000, and fees paid to remove an old building from the land were $19,200. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,015,400 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet.

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