Lavallee

Furniture purchased land, paying

$95,000

cash and signing a

$320,000

note payable. In addition,

Lavallee

paid delinquent property tax of

$1,500,

title insurance costing

$2,500,

and

$6,000

to level the land and remove an unwanted building. The company then constructed an office building at a cost of

$700,000.

It also paid

$52,000

for a fence around the property,

$12,000

for a sign near the entrance, and

$8,000

for special lighting of the grounds.