On June 28, 2017, in relocating to a new town, Ayayai Corp. purchased a property consisting of two hectares of land and an unused building for $224,500 plus property taxes in arrears of $4,000. The company paid a real estate broker a fee of $11,500 for finding the property and legal fees on the purchase transaction of $5,500. The closing statement indicated that the assessed values for property tax purposes were $174,500 for the land and $34,500 for the building. Shortly after acquisition, the building was demolished at a cost of $23,500.

Ayayai Corp. then entered into a $1,300,000 fixed-price contract with Maliseet Builders Inc. on August 1, 2017, for the construction of an office building on this site. The building was completed and occupied on April 29, 2018, as was a separate maintenance building that was constructed by Ayayai's employees. Additional costs related to the property included:

Plans, specifications, and blueprints$25,000Architects' fees for design and supervision82,000Landscaping42,000Extras on contract for upgrading of windows46,000External signage on the property23,000Advertisements in newspaper and on television announcing opening of the building10,100Gala opening party for customers, suppliers, and friends of Ayayai18,300Costs of internal direct labour and materials for maintenance building66,500Allocated variable plant overhead based on direct labour hours worked on maintenance building9,500Allocated cost of executive time spent on project53,500Interest costs on debt incurred to pay contractor's progress billings up to building completion62,500Interest costs on short-term loan to finance maintenance building costs2,700

As an incentive for Ayayai to locate and build in the town, the municipality agreed not to charge its normal building permit fees of approximately $35,500. This amount was included in the $1,300,000 contract fee. The building and the maintenance building are estimated to have a 40-year life from their dates of completion and will be depreciated using the straight-line method with no residual value.

Ayayai is a private company with an April 30 year end, and the company accountant is currently analyzing the new Buildings account that was set up to capture all the expenditures and credits explained above that relate to the property.

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Compute the costs that would be capitalized and included in the new Buildings account on the April 30, 2018 statement of financial position, assuming the accountant wants to comply with ASPE but tends to be very conservative in nature; in other words, she does not want to overstate income or assets assuming the fixed fee contract is reduced by municipal government grant amount.

Cost of building$ ??