Sheridan Company purchased land as a factory site for $1350000. Sheridan paid $114000 to tear down two buildings on the land. Salvage was sold for $8100. Legal fees of $5060 were paid for title investigation and making the purchase. Architect's fees were $47000. Title insurance cost $3500, and liability insurance during construction cost $3800. Excavation cost $15060. The contractor was paid $4500000. An assessment made by the city for pavement was $9800. Interest costs during construction were $257000. The cost of the land that should be recorded by Sheridan Company is

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan