On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 in cash and giving a short-term note for $309,000.
Legal fees paid were $1,810, delinquent taxes assumed were $15,600, 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 $5,200. A contractor was paid $1,048,800 to construct a new warehouse.
Determine the cost of the land to be reported on the balance sheet.
