On March 31, 2020, Capital Investment Advisers paid $4,660,000 for land with two buildings on it. The plan was to demolish Building 1 and build a new store (Building 3) in its place. Building 2 was to be used as a company office and was appraised at a value of $1,264,140. A lighted parking lot near Building 2 had improvements (Land Improvements 1) valued at $608,660. Without considering the buildings or improvements, the tract of land was estimated to have a value of $2,809,200. Capital incurred the following additional costs: On March 31, 2020, Capital Investment Advisers paid $4,660,000 for land with two buildings on it. The plan was to demolish Building 1 and build a new store (Building 3) in its place. Building 2 was to be used as a company office and was appraised at a value of $1,264,140. A lighted parking lot near Building 2 had improvements (Land Improvements 1) valued at $608,660. Without considering the buildings or improvements, the tract of land was estimated to have a value of $2,809,200. Capital incurred the following additional costs