Carla Vista Co. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debit 1. Excavation costs for new building $21,000 2. Architect's fees on building plans 31,000 3. Full payment to building contractor 638,000 4. Cost of real estate purchased as a plant site (land $253,000 and building $25,000) 278,000 5. Cost of parking lots and driveways 27,000 6. Accrued real estate taxes paid at time of purchase of land 2,970 7. Installation cost of fences around property 6,600 8. Cost of demolishing building to make land suitable for construction of new building 29,000 9. Real estate taxes paid for the current year on land 6,200 $1,039,770 Credit 10. Proceeds from salvage of demolished building $ 11,800