(Solution) - Afton Self Storage purchased land paying 150 000 cash as a -(2025 Original AI-Free Solution)

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Afton Self Storage purchased land, paying $150,000 cash as a down payment and signing a $150,000 note payable for the balance. Afton also had to pay delinquent property tax of $2,000, title insurance costing $2,500, and $6,000 to level the land and remove an unwanted building. The company paid $50,000 to add soil for the foundation and then constructed an office building at a cost of $1,000,000. It also paid $65,000 for a fence around the property, $10,400 for the company sign near the property entrance, and $6,000 for lighting of the grounds. Determine the cost of Afton's land, land improvements, and building.