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Oaktree Company purchased new equipment and made the following expenditures:

Purchase price	$	49,000
Sales tax		2,600
Freight charges for shipment of equipment		740
Insurance on the equipment for the first year		940
Installation of equipment		1,400

The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Prepare the necessary journal entries to record the above expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

On March 1, 2021, Beldon Corporation purchased land as a factory site for $78,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below:

Demolition of old building	$	8,000
Architects fees (for new building)		17,000
Legal fees for title investigation of land		4,500
Property taxes on land (for period beginning March 1, 2021)		4,800
Construction costs		680,000
Interest on construction loan		9,000

Salvaged materials resulting from the demolition of the old building were sold for $3,800. Required: Determine the amounts that Beldon should capitalize as the cost of the land and the new building.

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