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Module 5 Problem Set Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $38,000 in cash and giving a short-term note for $296,000. Legal fees paid were $2,040, delinquent taxes assumed were $14,700, and fees paid to remove an old building from the land were $21,800. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,015,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet