Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 and giving a short-term note for $282,000. Legal fees paid were $2,465, delinquent taxes assumed were $11,800, and fees paid to remove an old building from the land were $20,000. Materials salvaged from the demolition of the building were sold for $4,700. A contractor was paid $954,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.