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 $27,400 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

Determine the cost of the land and the building.

Land $

Building $