(Answered) Question - determine cost of landnext day delivery company

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Question - Determine cost of land

Next Day Delivery Company acquired an adjacent lot to construct a new warehouse, paying $25,000 and giving a short-term note for $175,000. Legal fees paid were $1,200, delinquent taxes assumed were $10,850, and fees paid to remove an old building from the land were $15,000. Materials salvaged from the demolition of the building were sold for $2,400.

A contractor was paid $760,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

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