Telluride Mining Company purchased a new building to store its increasing supply of mining equipment. The building
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Question:
Telluride Mining Company purchased a new building to store its increasing supply of mining equipment. The building was purchased for $ The purchase price did not include $ worth of sales tax. Also related to the purchase, Telluride Mining Company had to pay $ for title search costs and $ in realtor fees. Finally, the company had to hire a security guard to protect the new building which is paid a salary of $ per year.
Required:
Determine the amount to be capitalized in an asset account for the purchase of the new building.
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