Belvidere Self Storage purchased land, paying $180,000 cash as a down payment and signing a $145.000 note payable for the balance Belvidere also had to pay delinquent property tax of $1,500 Kife insurance costing $2,000, and $4,000 10 level the land and remove an unwanted building. The company paid $57,000 to add so for the foundation and then constructed an office building at a cost of $950,000 It also paid $47.000 for a fence around the property, $20,000 for the company sign near the property entrance, and $8,000 for lighting of the grounds.