A company made the following expenditures in connection with the construction of a new building: Architect's fees$ 12,000Cash paid for land and unusable building on the land300,000Removal of old building18,000Salvage from sale of old building materials (4,000)Construction survey1,500Legal fees for title search3,000Excavation for basement construction25,000Machinery purchased for operations100,000Storage and delivery charges on machinery because building was not ready when machinery was delivered900Freight on machinery purchased1,600Construction costs of new building1,000,000Installation of machinery2,500Prepare a schedule showing the amounts to be recorded as Land, Buildings, and Machinery.
What will be an ideal response?
| Architect's fees | Land | Building | Machinery |
| ? | ? | $12,000 | ? |
| Cash paid for land and old building | $300,000 | ? | ? |
| Removal of old building | 18,000 | ? | ? |
| Salvage from old building materials | (4,000) | ? | ? |
| Building site survey | ? | 1,500 | ? |
| Title search legal fees | 3,000 | ? | ? |
| Basement excavation | ? | 25,000 | ? |
| Machinery | ? | ? | $100,000 |
| Machinery storage and delivery* | ? | ? | 0 |
| Freight on machinery | ? | ? | 1,600 |
| New building | ? | 1,000,000 | ? |
| Machinery installation | ? | 2,500 ? | |
| Totals | $317,000 | $1,038,500 | $104,100 |
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What will be an ideal response?