Lavallee Self Storage purchased land, paying $ 160,000 cash as a down payment and signing a $175,000

note payable for the balance. Lavallee also had to pay delinquent property tax of $1,500,

title insurance costing $6,000, and $9,000 to level the land and remove an unwanted building. The company paid

$54,000 to add soil for the foundation and then constructed an office building at a cost of $650,000.

It also paid $52,000 for a fence around the property, $15,000 for the company sign near the entrance, and

$4,000 for lighting of the grounds.

Requirement

1. Determine the cost of Lavallee's land, land improvements, and building.

The cost of the land is $ .

The cost of the land improvements is $ .

The cost of the building is $ .