Determine the cost of the land to be reported on the balance

Reference no: EM133654940

Question: On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 in cash and giving a short-term note for $291,000. Legal fees paid were $2,355, delinquent taxes assumed were $12,000, and fees paid to remove an old building from the land were $22,600. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $966,700 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet.

Reference no: EM133654940

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