mooney sounds a local stereo retailer needed a new store 253391

Mooney Sounds, a local stereo retailer, needed a new store because it had outgrown the leased space it had used for several years. Mooney acquired and remodeled a former grocery store. As a part of the acquisition, Mooney incurred the following costs:

Cost of grocery store …………………………………………..$350,000

Cost of land (on which the grocery store is located) ………….. 65,000

New roof for building …………………………………………. 74,000

Lumber used for remodeling …………………………………… 23,200

Paint…………………………………………..………………… 515

Wire and electrical supplies ……………………………………. 4,290

New doors ……………………………………………………… 6,400

New windows …………………………………………………. 3,850

Wages paid to workers for remodeling ………………………… 12,500

Additional inventory purchased for grand opening sale ……….. 45,300

Required:

Determine the cost of the land and the building.

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