Next day delivery company acquired an adjacent lot

Reference no: EM13614741

Next Day Delivery Company acquired an adjacent lot toconstruct a new warehouse, paying $25,000 and giving a short-termnote for $175,000. Legal fees paid were $1,200, delinquenttaxes assumed were $10,850, and fees paid to remove an old buildingfrom the land were $15,000. Materials salvaged from thedemolition of the building were sold for $2,400. A contractorwas paid $760,000 to construct a new warehouse.

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

Reference no: EM13614741

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