Lavallee Industries, Inc., purchased land, paying $75,000 cash as a down payment and signing a $260,000 note payable for the balance. In addition, Lavallee Industries, Inc., paid delinquent property tax of $1,000, title insurance costing $6,000, and a $10,400 charge for leveling the land and removing an unwanted building. The company constructed an office building on the land at a cost of $550,000. It also paid $53,000 for a fence around the property, $9,000 for the company sign near the entrance, and $11,000 for special lighting of the grounds. Read the requirements. CITS Requirement 1. Determine the cost of the company's land, land improvements, and building. The cost of the land is $ The total cost of the land improvements is The cost of the building is $[ Requirement 2. Which of the assets will Lavallee Industries, Inc., depreciate? Lavallee Industries, Inc., will depreciate