Question - A company acquired an adjacent lot to construct a new warehouse, paying 30,000 and giving a short term note for 270,000. Legal fees paid 1,425, deliquent taxes were 12,000 and fees to remove the old building from the land were 18,500.Materials salveged were sold for 4,500. A contractor paid 910,000 to construct a new warehouse. Determine the cost of the land to report on the balance sheet. Show the answer step by step.