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problem: A firm made the following expenditures in connection with the construction of its new building:

Architect's fees for the new building................................

$12,000

Cash-paid for land and run-down building of 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 the title search...........................................

3,000

Excavation for the 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 in 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

Make a schedule showing the amounts to be recorded as Land, Buildings, and Machinery.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922111

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