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Determine the cost of the land to be reported

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Question - Determining Cost of Land - On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $28,000 in cash and giving a short-term note for $297,000. Legal fees paid were $2,380, delinquent taxes assumed were $15,800, and fees paid to remove an old building from the land were $20,300. Materials salvaged from the demolition of the building were sold for $4,900. A contractor was paid $988,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

Reference no: EM133076974

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