Precision Electnc Company purchased an adyacent lot to construct a new warehouse, paying $90,000 in cashi and giving a short-term note for $180,000. Legal fees paid were $1,500, delinquent toxes assumed were $12,000, and fees paid to remove an old building from the land were $26,000. Then, grading and leveling the ground were cornileted for $4,200. Next, materials salvaged from the demolition of the building were sold for $3,500. Finally, the contractor instailed a paved private road for $26,000, a parking lot costing $16,200 and added $8,400 of parking lot lights. The cost of the land improvements is