OR OG Pierce Inc, purchased land, paying $165,000 cash as a down payment and signing a $155,000 note payable for the balance. Pierce also had to pay delinquent property tax of $1,000 title insurance costing $2,000, and $22,000 to level the land and to remove an unwanted building. The company paid $51,000 to remove earth for the foundation and then constructed an office building at a cost of $3,850,000. It also paid $50,000 for a funce around the property, 510,500 for the company sign near the property entrance, and 514,500 for lighting of the grounds. Determine the cost and prepare the journal entry for the company's land, land improvements, and building How does management determine the cost of an asset? The cost of the land is s The cost of the land improvements is $ The cost of the building is Prepare the journal entry for the company's land, land improvements, and building. (Record debits first, then credits. Explanations are not required.) Journal Entry Data Accounts Debit Credit Management determines the cost of the asset by using which rule? Choose from any list or enter any number in the input fields and then continue to the next