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Determine the cost of the land to be reported

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Question - On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 in cash and giving a short-term note for $327,000. Legal fees paid were $2,240, delinquent taxes assumed were $13,700, and fees paid to remove an old building from the land were $22,900. Materials salvaged from the demolition of the building were sold for $5,300. A contractor was paid $1,082,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

Reference no: EM133102471

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