Problem $1$

On July $1,2024,$ Forward Corporation purchased a parcel of land as a factory site for $$525,000.$ An old building on the property was demolished and construction began on a new warehouse that was completed on October $15,2024.$ Costs incurred on the construction project are listed below.

Cost of building construction.

Title insurance.

Cost of constructing a driveway

Legal fees to purchase land.

Architect's fees $q,$

Cost of demolishing the old building $q,$

Proceeds from salvaged materials from building demolition.

Delinquent property taxes, January $1-$ June $30,2023$

Interest during construction on the construction loan.

Cost of parking lot and fencing. $q,$

Cost of grading and filling the land. $q,$

Excavation costs. $q,$

Required:

Determine the cost of the land, the building and the land improvements. Please show your work for partial credit.