Potvin Furniture purchased land, paying

$70,000

cash and signing a

$290,000

note payable. In addition,

Potvin

paid delinquent property tax of

$5,000,

title insurance costing

$4,500,

and

$8,000

to level the land and remove an unwanted building. The company then constructed an office building at a cost of

$350,000.

It also paid

$47,000

for a fence around the property,

$12,000

for a sign near the entrance, and

$4,000

for special lighting of the grounds.