Exercise 10-5 Kingbird Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment. Abstract companys fee for title search $988 Architects fees 6,023 Cash paid for land and dilapidated building thereon 165,300 Removal of old building $38,000 Less: Salvage 10,450 27,550 Interest on short-term loans during construction 14,060 Excavation before construction for basement 36,100 Machinery purchased (subject to 2% cash discount, which was not taken) 104,500 Freight on machinery purchased 2,546 Storage charges on machinery, necessitated by noncompletion of building when machinery was delivered 4,142 New building constructed (building construction took 6 months from date of purchase of land and old building) 921,500 Assessment by city for drainage project 3,040 Hauling charges for delivery of machinery from storage to new building 1,178 Installation of machinery 3,800 Trees, shrubs, and other landscaping after completion of building (permanent in nature) 10,260 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. Company uses net method to record discount. (Please leave spaces blank if there is no answer. Do not enter zeros in those spaces.) Land Buildings Machinery and Equipment Other Abstract companys fee for title search $ $ $ $ Architects fees Cash paid for land and old building Removal of old building Interest on short-term loans during construction Excavation before construction for basement Machinery purchased Freight on machinery purchased Storage charges on machinery New building constructed Assessment by city for drainage project Hauling charges Installation of machinery Trees, shrubs, and other landscaping $ $ $ $