Ayer Self Storage purchased land, paying $ 175,000 cash as a down payment and signing a $ 155,000 note payable for the balance. Ayer also had to pay delinquent property tax of $ 3,000,title insurance costing $ 3,500,and $ 8,000 to level the land and remove an unwanted building. The company paid $ 55,000 to add soil for the foundation and then constructed an office building at a cost of $ 650,000. It also paid $ 53,000for a fence around the property,$15,000for the company sign near the property entrance, and $ 11,000for lighting of the grounds.
Requirement1. What is the capitalized cost of each of Ayer's land, land improvements, and building?