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QUESTION

Credit Company incurred the following costs in acquiring plant assets:

Credit Company incurred the following costs in acquiring plant assets: purchased land for a $50,000 down payment and signed a $100,000 note payable for the balance delinquent property tax of $2,500 and legal fees of $1,500 $5,000 to remove an unwanted building architect fee of $2,000 for the design of a building constructed an office building at a cost of $500,000 interest cost on construction loan for the building, $20,000 $7,500 for fencing, $4,000 for landscaping, and $5,000 for lighting Determine the cost of the land, land improvements, and building

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