Murphy Furniture purchased land, paying $90,000 cash and signing a $350,000 note payable. In addition, Murphy paid delinquent property tax of $1,000, title insurance costing $4,500, and $5,000 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, $18,000 for a sign near the entrance, and $10,000 for special lighting of the grounds. Read the requirements. Requirement 1. Determine the cost of the land, land improvements, and building. The cost of the land is