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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
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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