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on Cost Danny Modern Furniture purchased land by paying $30,000 cash and signing a note payable for $120,000. Danny's also paid delinquent property tax of $5,000, title insurance of $1,500 and $3,000 to level the land and remove an old building on the land. Danny realized $2,500 from sale of scrap material upon removal of an old structure on the land. 3 Danny constructed a warehouse at a cost of $700,000. It also paid $45,000 for a fence around its property, $10,000 for a sign near the entrance and $15,000 lighting on its grounds Calculate the cost of: Cost of each Warehouse Land o,00s 20,00 Soo0 5,00 415 606 d Which of these assets will Danny depreciate? buds, fence ,5%, ISHI e Make the journal entry to record the purchase of the land