Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $39,000 and giving a short-term note for $283,000. Legal fees paid were $2,230, delinquent taxes assumed were $12,600, and fees paid to remove an old building from the land were $20,400. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $978,900 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.$

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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Determine Cost of Land

Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $39,000 and giving a short-term note for $283,000. Legal fees paid were $2,230, delinquent taxes assumed were $12,600, and fees paid to remove an old building from the land were $20,400. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $978,900 to construct a new warehouse.

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

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