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On March 31,2023, Capital Investment Advisers paid $4,590,000 for land with two buildings on it....

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Accounting

On March 31,2023, Capital Investment Advisers paid $4,590,000 for land with two buildings on it. The plan was to demolish Building 1 and build a new store (Building 3) in its place. Building 2 was to be used as a company office and was appraised at a value of $1,075,250. A lighted parking lot near Building 2 had improvements (Land Improvements 1) valued at $607,750. Without considering the buildings or improvements, the tract of land was estimated to have a value of $2,992,000. Capital incurred the following additional costs:
\table[[Cost to demolish Building 1,$709,160

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