Milloy Self Storage purchased land, paying $160,000 cash as a down payment and signing a $180,000 note payable for the balance. Milloy also had to pay delinquent property tax of $6,000, title insurance costing $3,000, and $11,000 to level the land and remove an unwanted building. The company paid $52,000 to add soil for the foundation and then constructed an office building at a cost of $1,100,000. It also paid $50,000 for a fence around the property, $14,000 for the company sign near the property entrance, and $7,000 for lighting of the grounds. Read the requirement