On January 1, 2016 Behrend acquired a parcel of real estate that included land and a building for a negotiated price of $19,848,000.

1.On January 1, 2016 Behrend acquired a parcel of real estate that included land and a building for a negotiated price of $19,848,000. Before purchasing the property, Behrend paid $32,000 for an appraisal. Behrend also incurred closing costs of $120,000. The appraisal estimated fair value of the land at $19,800,000 and the building at $2,200,000.