Assume Pancake House, Inc., opened an office in Cocoa Beach, Florida. Further assume that Pancake…

Assume Pancake House, Inc., opened an office in Cocoa Beach, Florida. Further assume that Pancake House incurred the following costs in acquiring land, making land improvements, and constructing and furnishing the new sales building: a. Purchase price of land, including an old building that will be used for a garage (land market value is $330,000; building market value is $70,000)………………………………………………………………………. $375,000 b. Landscaping (additional dirt and earth moving)……………………………….. 8,000 c. Fence around the land………………………………………………………………….. 35,300 d. Attorney fee for title search on the land………………………………………….. 600 e. Delinquent real estate taxes on the land to be paid by Pancake House…… 5,200 f. Company signs at entrance to the property……………………………………… 1,700 g. Building permit for the sales building……………………………………………… 670 h. Architect fee for the design of the sales building…………………………….. 19,400 i. Masonry, carpentry, and roofing of the sales building…………………….. 512,000 j. Renovation of the garage building………………………………………………….. 41,500 k. Interest cost on construction loan for sales building………………………….. 9,700 l. Landscapin

 

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