Express Delivery Company acquired an adjacent lot to construct a new warehouse p

Express Delivery Company acquired an adjacent lot to construct a new warehouse paying $80000 and giving a short-term note for $620000. Legal fees paid were $1900 delinquent taxes assumed were $9000 and fees paid to remove an old building from the land were $6000. Materials salvaged from the demolition of the building were sold for $1175. A contractor was paid $800000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.