Cost of a Fixed Asset Borges Inc. recently purchased land to use for the construction of its new manufacturing facility and incurred the following costs: purchase price, $77,000; interest charges, $500; real estate commissions, $4,000; delinquent property taxes, $1,500; closing costs, $3,300; and clearing and grading of the land, $8,100 Required: Determine the cost of the land, 95,200 Check My Wet The cost of a fixed asset is any expenditure necessary to acquire the asset and to prepare the asset for use. These expenditures are sold to be capitalized