Blossom Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $595,200 of which Blossom Chrome paid $99,200 in cash as a down payment and signed a 7% mortgage for the remainder. Blossom Chrome immediately had the old building razed at a total cost of $10,700 and sold the salvaged materials for $2,640. Attorneys were paid $1,320 in connection with the purchase. The architect's fee for drawing building plans for the new building cost $8,520. Blossom Chrome paid $3,800 in connection with permits and zoning variances necessary prior to construction of the new building. Blossom Chrome paid the contractor $1,760,800 for construction of the new building, along with $52.080 for a parking lot and necessary walkways and driveways. Answer the following question. (a)