Lavallee Furniture purchased land, paying $365,000. Lavallee also paid delinquent property tax of $3,000, title insurance...

Transcribed Image Text:

Lavallee Furniture purchased land, paying $365,000. Lavallee also paid delinquent property tax of $3,000, title insurance costing $2,000, and $5,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $450,000. It also paid $55,000 for a fence around the property, $16,000 for a sign near the entrance, and $7,000 for special lighting of the grounds. Requirement: Determine the cost of (a) land, (b) land improvements, (c) building. Lavallee Furniture purchased land, paying $365,000. Lavallee also paid delinquent property tax of $3,000, title insurance costing $2,000, and $5,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $450,000. It also paid $55,000 for a fence around the property, $16,000 for a sign near the entrance, and $7,000 for special lighting of the grounds. Requirement: Determine the cost of (a) land, (b) land improvements, (c) building.

Answer rating: 100% (QA)

Purchased land Pay ins Property tax 3000 tittle Insurance 2006 ... View the full answer