Question
purchased land, paying $ 165000 cash as a down payment and signing a $ 150000 note payable for the balance. Potvin also had to pay
purchased land, paying $ 165000 cash as a down payment and signing a $ 150000 note payable for the balance. Potvin also had to pay delinquent property tax of $ 5000, title insurance costing $ 2000, and $ 12000 to level the land and remove an unwanted building. The company paid $ 60000 to add soil for the foundation and then constructed an office building at a cost of $ 1,000,000. It also paid $ 50000 for a fence around the property, $ 12,000 for the company sign near the property entrance, and $ 3,000 for the lighting of the grounds.
What is the capitalized cost of each of Potvin's land, land improvements, and building?
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