Determine cost of the land to be reported on balance sheet

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Question: Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 in cash and giving a short-term note for $306,000. Legal fees paid were $1,545, delinquent taxes assumed were $12,300, and fees paid to remove an old building from the land were $18,500. Materials salvaged from the demolition of the building were sold for $5,100. A contractor was paid $1,027,500 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

Reference no: EM133378673

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