Nicko Company purchased a tract of land as a factory site. An old building was demoliched and construction began on the new building Purchase price of land and an old building 4,500,000 Fair value of old building 250,000 Cost of demolishing old building 300,000 Title insurance and legal fees to purchase land 200,000 Architect fee 950,000 New building construction cost 8,000,000 Survey before construction 100,000 Building permit or payment to city hall for approval of building construction 150,000 Excavation before new construction 200,000 Liability insurance during construction 100,000 New fence surrounding the new building 100,000 Driveway, parking bay and safety lighting 550.000 Cost of trees, shrubs and other landscaping Cost of lighting and signage 300,000 5. What is the cost of the land? 100,000 2. 4,550,000 c. 1,850.000 b. 4,800,000 d. 4,450,000 6. What is the cost of the new building? a. 9,700,000 b. 9.750,000 c. 9,800,000 d. 9,950,000 7. What is the cost of land improvements? a. 950,000 b. 650,000 c. 850,000 d. 400.000 Enchantme