PROBLEMS-SET A LO1 P9-1A. Acquisition Cost of Long-Lived Assets The following items represent expenditures (or related to the construction of a new home office for Lowrey Company Cost of land site, which included an old apartment building appraised at $75,000 165,000 2.100 9.300 4,000 17.000 Legal fees, including fee for title search. Payment of apartment building mortgage and related interest due at time of sale....... Payment for delinquent property taxes assumed by the purchaser Cost of razing the apartment building 3,800 1900 300.000 Proceeds from sale of salvaged materials Grading to establish proper drainage fiow on land site. . . Architect's fees on new building Proceeds from sales of excess dirt (from basement excavation) to owner of adijco 2.,000 Payment to building contractor. Payment of medical bills of employee accidientally injured while inspecting building 18,000 Special assessment for paving city sidewalks (paid to city) Cost of paving driveway and parking lot . . . . . . . . . . .. Cost of installing lights in parking lot . . . . . . . . .. .. .. . . . . . . Premium for insurance on building during construction . . Cost of open house party to celebrate opening of new building..... . . 25,000 9,200 7,500 8,000 Requirea From the given data, calculate the proper balances for the Land, Building, and Land Improvements accounts of Lowrey Company. Allecation of Package Purchase Price and Depreciation Methods To expand its business, Small