Pierce Self Storage purchased land, paying $190,000 cash as a down payment and signing a $185,000 note payable for the balance. Pierce also had to pay delinquent property tax of $5,000, title insurance costing $1,500, and $8,000 to level the land and remove an unwanted building. The company paid $60,000 to add soil for the foundation and then constructed an office building at a cost of $1,100,000. It also paid $49,000 for a fence around the property, $17,000 for the company sign near the property entrance, and $6,000 for lighting of the grounds. Read the requirement. The cost of the land is The cost of the land improvements is The cost of the building is Requirement 1. What is the capitalized cost of each of Pierce's land, land improvements, and building? Print Done - X

Pierce Self Storage purchased land, paying $190,000 cash as a down payment and signing a $185,000 note payable for the balance. Pierce also had to pay delinquent property tax of $5,000, title insurance costing $1,500, and $8,000 to level the land and remove an unwanted building. The company paid $60,000 to add soil for the foundation and then constructed an office building at a cost of $1,100,000. It also paid $49,000 for a fence around the property, $17,000 for the company sign near the property entrance, and $6,000 for lighting of the grounds. Read the requirement. The cost of the land is The cost of the land improvements is The cost of the building is Requirement 1. What is the capitalized cost of each of Pierce's land, land improvements, and building? Print Done - X

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 2EA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...

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