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Determine the amounts that should be debited to land

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Reference no: EM131092661

Allegro Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.

Abstract company's fee for title search

608

Architect's fees

3,709

Cash paid for land and dilapidated building thereon

107,640

Removal of old building

23,400

Less: Salvage

6,435

16,965

Interest on short-term loans during construction

8,658

Excavation before construction for basement

22,230

Machinery purchased (subject to 2% cash discount, which was not taken

76,050

Freight on machinery purchased

1,568

Storage charges on machinery, necessitated by noncompletion of building when machinery was delivered

2,551

New building constructed (building construction took 6 months from date of purchase of land and old building)

567,450

Assessment by city for drainage project

1,872

Hauling charges for delivery of machinery from storage to new building

725

Installation of machinery

2,340

Trees, shrubs, and other landscaping after completion of building (permanent in nature)

6,318

Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation.

Reference no: EM131092661

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