(Treatment of Various Costs) 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
Cash paid for land and dilapidated building thereon
Removal of old building
Interest on short-term loans during construction
Excavation before construction for basement
Machinery purchased (subject to 2% cash discount, which was not taken)
Freight on machinery purchased
Storage charges on machinery, necessitated by noncompletion of building when machinery was delivered
New building constructed (building construction took 6 months from date of purchase of land and old building)
Assessment by city for drainage project
Hauling charges for delivery of machinery from storage to new building
Installation of machinery
Trees, shrubs, and other landscaping after completion of building (permanent in nature)
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. Indicate how any costs not debited to these accounts should be recorded.
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