allegro supply company a newly formed corporation incurred the following expenditure 492180
Allegro Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.
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allegro supply company a newly formed corporation incurred the following expenditure 492180
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|
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.
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