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LEARNING OBJECTIVES 0 (2) E6-19 Moody lne. purchased land, paying $150,000 cash as a down payment and signing a Determine the cost and depreciation $100,000 note payable for the balance. Moody also had to pay delinquent property tax of of property $5,000, title insurance costing $3,000, and $25,000 to level the land and to remove an unwanted bulding. The company paid $70,000 to remove earth for the foundation and then ASSESS YOUR PROGRESS constructed an office building at a cost of $3.750,000. It also puid $100,000 for a fence around the property, $10,500 for the company sign near the property entrance, and $18,000 for lighting of the grounds. Determine the cost and prepare the journal entry for the companys land. land improvements, and building. How does management determine the cost of an asset