Problem
Architect's fees for the new building ...................................... $ 12,000
Cash paid for land and run-down building on 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 title search .............................................................. 3,000
Excavation for 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 on 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
A company made the following expenditures in connection with the construction of its new building:
Prepare a schedule showing the amounts to be recorded as Land, Buildings, and Machinery.