France Company purchased land at a cost of $950,000 to build a factory. France paid $120,000 to tear down an old building on the land. Salvage was sold for $9,000. Legal fees of $5,550 were paid for title investigation and making the purchase. Architect's fees were $36,800. Title insurance cost $3,600, and liability insurance during construction cost $4,200. Excavation cost $14,760. The contractor was paid $3,700,000. An assessment made by the city for pavement was $9,600. Interest costs during construction were $215,000.