Pierce Furniture purchased land, paving $70,000 cash and signing a $310,000 note payable. In addition Pierce paid delinquent property tax of $4,000, title insurance costing $6,000, and $7,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $700,000. It also paid $52,000 for a fence around the property, $10,000 for a sign near the entrance, and $5,000 for special lighting of the grounds. Read the requirements Requirement 1. Determine the cost of the land, land improvements, and building The cost of the land is $ The total cost of the land improvements is 5 The cost of the building is $ Requirement 2. Which of these assets will Pierce depre A Pierce will depreciate