Lavallee Self Storage purchased land, paying $155,000 cash as a down payment and signing a $195,000.

Lavallee Self Storage purchased land, paying $155,000 cash as a down payment and signing a $195,000.

Lavallee Self Storage purchased land, paying $155,000 cash as a down payment and signing a $195,000 note payable for the balance. Lavallee also had to pay delinquent property tax of $4,000, title insurance costing $3,500, and $5,000 to level the land and remove an unwanted building. The company paid $53,000 to add soil for the foundation and then constructed an office building at a cost of $600,000. It also paid $45,000 for a fence around the property, $20,000 for the company sign near the property entrance, and $3,000 for lighting of the grounds.Determine the cost of Lavallee’s land, land improvements, and building.View Solution:
Lavallee Self Storage purchased land paying 155 000 cash as a

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