Answer:
$377,835
Step-by-step explanation:
The cost of an assets include Purchase Costs and other costs directly related to place to asset in the location and condition intended for use by the management.
Thus, calculation of the Cost of the Land will be as follows :
Cash payment $42,000
Short term note $307,000
Legal Costs $2,335
Delinquent taxes $11,900
Fees to remove old buildings ($19,800 - $5,200) $14,600
Total $377,835
Conclusion :
Therefore, the cost of the land to be reported on the balance sheet is $377,835