2. Facetious Company incurred the following expenditures related to the construction of a new home office: Purchase price of land and an old apartment building 2,000,000 Fair value of land 1,800,000 Legal fees, including fee for title scarch 10,000 Payment of land mortgage and related interest due at time of sale 50.000 Payment of delinquent property taxes assumed 20,000 Cost of razing the apartment building 30,000 Grading and drainage on land site 15,000 200,000 8,000,000 300,000 Architect fee on new building Payment to building contractor Interest cost on specific borrowing during construction Payment of medical bills of employees accidentally injured while inspecting building construction Cost of paving driveway and parking lot Cost of trees, shrubs and other landscaping Cost of installing lights in parking lot Premium for incurance on building during construction Cost of open house party to celebrate opening of building Required: A. What is the cost of land? B. What is the cost of new building? C. What is the cost of land improvement? 10,000 40,000 55.000 5,000 25.000 60,000