Auto Shop, Inc., incurred the following costs in acquiring plant assets:
a. Purchased land for a $100,000 down payment and signed a $75,000 note payable for the balance.
b. Delinquent property tax of $2,500 and legal fees of $1,000 had to be paid before the land could be purchased.
c. $12,000 was paid to demolish an unwanted building on the land.
d. Architect fee of $7,000 was paid for the design of a new office building.
e. An office building was constructed at a cost of $500,000.
f. Interest cost on a construction loan for the building totaled $6,000
g. $17,500 was paid for fencing, $12,000 was paid for landscaping, and $55,000 was paid for paving the parking lot.
Determine the cost of the land, land improvements, and building.

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The Answer of Auto Shop, Inc., incurred the following costs in acquiring plant assets:
a. Purchased land for a $100,000 down payment and signed a $75,000 note payable for the balance.
b. Delinquent property tax of $2,500 and legal fees of $1,000 had to be paid before the land could be purchased.
c. $12,000 was paid to demolish an unwanted building on the land.
d. Architect fee of $7,000 was paid for the design of a new office building.
e. An office building was constructed at a cost of $500,000.
f. Interest cost on a construction loan for the building totaled $6,000
g. $17,500 was paid for fencing, $12,000 was paid for landscaping, and $55,000 was paid for paving the parking lot.
Determine the cost of the land, land improvements, and building.