Lavallee Self Storage purchased land, paying $175,000 cash as a down payment and signing a $180,000 note payable for the balance. Lavallee also had to pay delinquent property tax of $1,000,
title insurance costing $3,500, and $8,000 to level the land and remove an unwanted building. The company paid $60,000 to add soil for the foundation and then constructed an office building at a
cost of $700,000. It also paid $50,000 for a fence around the property, $18,000 for the comfany sign near the property entrance, and $9,000 for lighting of the grounds.
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The cost of the land is
