Exercise 7-45 (Algorithmic) Cost of Fixed Assets Manney Sounds, a local stereo retaler, needed a new store because it had outgrown the leased space & had used for several years. Mooney acquired and remodeled a former grocery store. As a part of the acqui Mooney incurred the following coats Cest of grocery store $350,000 Cost of land (on which the grocery store is located)) 65,000 New roof for building 74,000 Lumber used for remodeling 23.200 Paint 515 Wire and electrical supplies New doors 4,290 6,400 3,850 Wages paid to workers for remodeling 11,000 Additional inventory purchased for grand opening sale 45,300 Determine the cost of the land and the building Land 73