Calculate the cost of an asset. (LO 1)

Settler Company was quickly outgrowing its rented office space. The company decided that it could raise enough capital to buy land and build a new office building. The building was completed on September 15. Consider the following costs incurred for the new building.

What amount should Settler Company record on the books for its new building?

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Building materials Labor costs (including architect's fees} Rental of equipment used in the construction Maintenance on the building from Sept. 15 to Dec. 31 $110,000 205,000 9,000 14,000