Pierce Systems purchased land, paying $75,000 cash as a down payment and signing a $140,000 note payable for the balance. In addition, Pierce Systems paid delinquent property tax of $5,000, title insurance costing $5,500, and a $7,000 charge for leveling the land and removing an unwanted building. The company constructed an office building on the land at a cost of $900,000. It also paid $46,000 for a fence around the property, $7,000 for the company sign near the entrance, and $12,000 for special lighting of the grounds. Requirements 1. Determine the cost of the company's land, land improvements, and building. 2. Which of the assets will Pierce depreciate? Requirement 1. Determine the cost of the company's land, land improvements, and building. The cost of the land is $ The total cost of the land improvements is S The cost of the building is s Requirement 2. Which of the assets will Pierce depreciate? Pierce will depreciate