Credit Company incurred the following costs in acquiring plant assets:
* purchased land for a $50,000 down payment and signed a $100,000 note payable for the balance
* delinquent property tax of $2,500 and legal fees of $1,500
* $5,000 to remove an unwanted building
* architect fee of $2,000 for the design of a building
* constructed an office building at a cost of $500,000
* interest cost on construction loan for the building, $20,000
* $7,500 for fencing, $4,000 for landscaping, and $5,000 for lighting
Determine the cost of the land.
Determine the cost of the land improvements.
Determine the cost of the building.