Insert Page Layout Formulas Data Review View Cut Calibri (Body) 11 A A To Wrap Text G Copy B I U Format Merge & Center $ e Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. X & fx B D E F G H - Quasar Company has outgrown their current location and has decided to expand its operations with a new manufacturing plant. The following costs were incurred in purchasing the property, preparing it for use and building the new plant. The property contained an existing building when Quasar purchased the land. The depreciated value of the building was $29,000 Building permit 7500 City improvements to water and sewer utilities 22500 1810000 Contract cost of new building Cost to demolish existing building ($5000 salvaged material was used in new building) 27500 Land improvements-landscaping 75000 Land purchase price 1500000 One year fire insurance policy 22000 Parking lot and sidewalks 42500 Payment of delinquent property taxes 23000 Tile search and insurance 7500 Required: 1. Determine the cost of the new building Specifically identify the elements included in the total 2. Determine the cost for the land and land improvements. Specifically identify the elements included in the total Cost of Asset + eady