Brief Exercise 8-1 (Algo) Determining the cost of an asset LO 8-1 Telluride Mining Company purchased a new building to store its increasing supply of mining equipment. The building was purchased for $542,000. The purchase price did not include $21,000 worth of sales tax. Also related to the purchase, Telluride Mining Company had to pay $8,500 for title search costs and $15,500 in realtor fees. Finally, the company had to hire a security guard to protect the new building which is paid a salary of $61,000 per year. Required: Determine the amount to be capitalized in an asset account for the purchase of the new building
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