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Land, Buildings, and Machinery.
A company made the following expenditures in connection with the construction of its new building:
Architect's fees for the new building.......................................
$12,000
Cash-paid for land and run-down building of the land.........
300,000
Removal of old building.............................................................
18,000
Salvage from sale of old building materials............................
(4,000)
Construction survey to site the new building.........................
1,500
Legal fees for the title search....................................................
3,000
Excavation for the basement construction.............................
25,000
Machinery purchased for operations.......................................
100,000
Storage charges on machinery because building was not ready when machinery was delivered................................................
900
Freight in machinery purchased...............................................
1,600
Hauling charges to delivery machinery from storage to new building.........................................................................................
300
Construction costs of new building..........................................
1,000,000
Landscaping.................................................................................
20,000
Installation of machinery...........................................................
2,500
Prepare a schedule showing the amounts to be recorded as Land, Buildings, and Machinery.
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