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At December 31, 2019, certain accounts included in the property, plant, and equipment section of Kingbird Company's balance sheet had the following balances. Land

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At December 31, 2019, certain accounts included in the property, plant, and equipment section of Kingbird Company's balance sheet had the following balances. Land $237,800 Buildings 898,600 Leasehold improvements 664,700 Equipment 883,700 During 2020, the following transactions occurred. 1. 2. Land site number 621 was acquired for $856,900. In addition, to acquire the land Kingbird paid a $56,100 commission to a real estate agent. Costs of $42,800 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $22,800. A second tract of land (site number 622) with a building was acquired for $422,800. The closing statement indicated that the land value was $302,400 and the building value was $120,400. Shortly after acquisition, the building was demolished at a cost of $41,100. A new building was constructed for $327,900 plus the following costs. Excavation fees Architectural design fees Building permit fee $37,900 11,000 2,400 Imputed interest on funds used during construction (stock financing) 8,500

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