The cost of the land is $ EA Potvin Self Storage purchased land, paying $180,000 cash as a down payment and signing a $145,000 note payable for the balance. Potvin also had to pay delinquent property tax of $1,000, title insurance costing $2,000, and $6,000 to level the land and remove an unwanted building. The company paid $56,000 to add soil for the foundation and then constructed an office building at a cost of $550,000. It also paid $55,000 for a fence around the property, $17,000 for the company sign near the property entrance, and $5,000 for lighting of the grounds. Read the requirement