The following expenditures and receipts are related to land, land improvements, and buildings that were acquired for use in a business

enterprise. The receipts are in parentheses.

Money borrowed to pay a building contractor $($signed a note$),($ $$275,000$

A payment for building construction from note proceeds, $$275,000$

The cost of landfill and clearing, $$7,880$

Delinquent real estate taxes on property, assumed by the purchaser, $$6,830$

A premium on a six$-$month insurance policy during construction, $$5,560$

Refund of one month's insurance premium because construction was completed early, $($$$750)$

An architect's fee on a building, $$21,990$

The cost of real estate purchased as a plant site $($land $$199,900,$ building $$49,975),$ $$249,875$

A fee paid to a real estate agency for finding the property, $$8,740$ relating to the land purchase $($see $8)$

The installation of fences around a property, $$3,730$