Part 1: Acquiring Assets

XYZ Corporation purchased the following assets during the year. Assist XYZ Corporation by determining the cost of each asset.

Land Costs:

Purchase price $119,520

Surveying fees 3,550

Title insurance 1,270

Excavating fees necessary to pass safety inspection 10,250

Building Costs:

Purchase price $425,000

Title fees 7,270

Legal fees 520

Realty fees 14,560

Interest charges from the first year of the mortgage 12,400

Renovation and repair to make the building usable 11,600

Equipment Costs:

Purchase price $21,000

Installation costs 1,200

Shipping charges 500

Taxes 2,300

Maintenance and repair costs incurred in the first year 3,500

Calculate the acquisition cost that should be reported on the balance sheet for the:

1. Land

2. Building

3. Equipment