This paper concentrates on the primary theme of Ayer Self Storage purchased land, paying $ 175,000 cash as a down payment and signing a $ 155,000 note payable for the balance. in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 79. For more details and full access to the paper, please refer to the site.
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?