Business, 09.03.2020 23:57 shimohsen

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $35,000 in cash and giving a short-term note for $247,000. Legal fees paid were $1,315, delinquent taxes assumed were $12,000, and fees paid to remove an old building from the land were $17,700. Materials salvaged from the demolition of the building were sold for $4,200. A contractor was paid $857,300 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet

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