Pierce Furniture purchased land, paying $65,000 cash plus a $270,000 note payable. In addition, Pierce paid delinquent property tax of $5,000, title insurance costing $4,000, and $8,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $750,000. It also paid $54,000 for a fence around the property, $19,000 for a sign near the entrance, and $9,000 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 $ The cost of the building is $ Requirement 2. Which of these assets will Pierce depreciate? Pierce will depreciate