Shidan Apartments purchased an apartment building to rent to university students on November 18, 2015. The following costs were incurred during 2015, before the tenants moved in:
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Purchase price of the building
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$220,000
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Purchase price of the land
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100,000
|
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Transfer taxes
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10,000
|
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Interest incurred on the mortgage loan to purchase
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4,000
|
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Attorney and real estate agent's fees
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15,000
|
|
Repave the parking lot
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6,000
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How much will Shidan Apartments record as an asset?