Question
Measure the cost of plant assets) Pierce Self Storage purchased land, paying $160,000 cash as a down payment and signing a $150,000 note payable for
Measure the cost of plant assets) Pierce Self Storage purchased land, paying $160,000 cash as a down payment and signing a $150,000 note payable for the balance. Pierce also had to pay delinquent property tax of $5,000, title insurance costing $2,000, and $3,000 to level the land and remove an unwanted building. The company paid $58,000 to add soil for the foundation and then constructed an office building at a cost of $700,000. It also paid $46,000 for a fence around the property, $16,000 for the company sign near the property entrance, and $7,000 for lighting of the grounds. What is the capitalized cost of each of Pierces land, land improvements, and building?
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