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Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new...

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Accounting

Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $25,000 in cash and giving a short-term note for $304,000. Legal fees paid were $1,430, delinquent taxes assumed were $13,100, and fees paid to remove an old building from the land were $17,000. Materials salvaged from the demolition of the building were sold for $4,900. A contractor was paid $1,000,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1

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