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Sheffield Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to...

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Accounting

Sheffield Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.
Abstract companys fee for title search $962
Architects fees 5,865
Cash paid for land and dilapidated building thereon 160,950
Removal of old building
$37,000
Less: Salvage
10,175
26,825
Interest on short-term loans during construction 13,690
Excavation before construction for basement 35,150
Machinery purchased (subject to 2% cash discount, which was not taken)101,750
Freight on machinery purchased 2,479
Storage charges on machinery, necessitated by noncompletion of
building when machinery was delivered 4,033
New building constructed (building construction took 6 months from
date of purchase of land and old building)897,250
Assessment by city for drainage project 2,960
Hauling charges for delivery of machinery from storage to new building 1,147
Installation of machinery 3,700
Trees, shrubs, and other landscaping after completion of building
(permanent in nature)9,990
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