ts; ng -2, hty, Plant, and Equipment and Intangible Assets: Acquisition On January 1, 2024, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $600,000. Additionally, Blackstone paid a real estate broker's commission of $36,000, legal fees of $6,000, and title insurance of $18,000. The closing statement indicated that the land value was $500,000 and the building value was $100,000. Shortly after acquisition, the building was razed at a cost of $75,000. Blackstone entered into a $3,000,000 fixed-price contract with Barnett Builders, Inc., on March 1, 2024, for the construction of an office building on land site 11. The building was completed and occupied on September 30, 2025. Additional construction costs were incurred as follows: Plans, specifications, and blueprints Architects' fees for design and supervision For the period March 1 to December 31, 2024 For the period January 1 to September 30, 2025 To finance the construction cost, Blackstone borrowed $3,000,000 on Mar