The following 4 costs were incurred for Celadon Inc. to acquire and prepare land for a new parking lot:

Purchase price of land: $950,000Cost to clear the land:$55,000

Cost of paving the lot:$35,000Cost of lighting the parking lot: $12,000

How much should be recorded in the Land Improvements account on Celadon Inc.'s balance sheet?

a.

$47,000

b.

$90,000

c.

$102,000

d.

$1,052,000