Lavallee Furniture purchased land, paying $75,000 cash and signing a $280,000 note payable. In addition, Lavallee paid delinquent property tax of $2,000, title insurance costing $6,000, and $3,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $550,000. It also paid $55,000 for a fence around the property, $12,000 for a sign near the entrance, and $7,000 for special lighting of the grounds. Read the requirements. Requirement 1. Determine the cost of the land, land improvements, and building. The cost of the land is

Lavallee Furniture purchased land, paying $75,000 cash and signing a $280,000 note payable. In addition, Lavallee paid delinquent property tax of $2,000, title insurance costing $6,000, and $3,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $550,000. It also paid $55,000 for a fence around the property, $12,000 for a sign near the entrance, and $7,000 for special lighting of the grounds. Read the requirements. Requirement 1. Determine the cost of the land, land improvements, and building. The cost of the land is