Cost of Fixed Assets

Mooney Sounds, a local stereo retailer, needed a new store because it had outgrown the leased space it had used for several years. Mooney acquired and remodeled a former grocery store. As a part of the acquisition, Mooney incurred the following costs:

Cost of grocery store $$277,400$

Cost of land $($on which the grocery store is located$)83,580$

New roof for building $74,000$

Lumber used for remodeling $23,200$

Paint $515$

Wire and electrical supplies $4,290$

New doors $6,400$

New windows $3,850$

Wages paid to workers for remodeling $12,500$

Additional inventory purchased for grand opening sale $45,300$

Required:

Determine the cost of the land and the building.

Land $ fill in the blank

Building $ fill in the blank

Cost of Fixed Assets

Mooney Sounds, a local stereo retailer, needed a new store because it had outgrown the leased space it had used for several years. Mooney acquired and remodeled a former grocery store. As a part of the acquisition, Mooney incurred the following costs:

Cost of grocery store $$277,400$

Cost of land $($on which the grocery store is located$)83,580$

New roof for building $74,000$

Lumber used for remodeling $23,200$

Paint $515$

Wire and electrical supplies $4,290$

New doors $6,400$

New windows $3,850$

Wages paid to workers for remodeling $12,500$

Additional inventory purchased for grand opening sale $45,300$

Required:

Determine the cost of the land and the building.

Land $ fill in the blank

Building $ fill in the blank