This account reflects the acquisition value of land owned by the State. Purchased land is recorded at purchase price plus costs such as legal, recording fees, and land improvements consisting of betterments, other than buildings, that ready land for its intended use and produce permanent benefits. Examples of land improvements include site improvements such as excavation, fill, grading, and utility installation; removal, relocation, or reconstruction of property of others, such as railroads and telephone and power lines; retaining walls. Donated land or land which is obtained by means other than purchase, is recorded at fair-market value based on appraisal at time of acquisition. Land and land improvements are inexhaustible capital assets that should not be depreciated.