#1 (12 marks) Paperclip Office Supplies needed a new office building. They made the following expenditures for the project: Freight on machinery purchased $ 1,406 Legal fees for title search $ 924 Machinery purchased $ 74,620 Excavation for construction of basement $ 1,074 Removal of old building $ 15,653 Construction costs of new building $ 595,345 Survey to site the new building $ 6,983 Installation of machinery $ 8,383 Architect's fees $ 7,125 Clearing of land for parking lot $ 6,457 Hauling charges to move equipment from storage $ 476 Storage charges for machinery because new building was not ready $ 580 Cash paid for land and original building $ 114,985