James Co. incurred the following costs to open a new manufacturing facility for its new product line during 2018. Determine the amount to be capitalized for land, land improvements, building, and equipment and what amount should be expensed.

Date 1/31/18 2/28/18 2/28/18 Amount $800,000 40,000 (5,000) 4/1/18 4/1/18 5/1/18 6/1/18 6/15/18 7/1/18 7/1/18 9/1/18 9/1/18 10/1/18 10/1/18 11/1/18 12/31/18 Item Land and dilapidated building Cost of demolition and removing building Proceeds from sale of salvaged materials resulting from demolition of dilapidated building Legal fees for land and building purchase contract and to record ownership Grading of land Partial payment of new building construction (start of construction) Down payment on equipment for new production line Salary of company president during construction Final payment on equipment for new product line Freight charges and sales tax on equipment Parking lot paving Installation of fencing Final payment on building construction (at time of building completion) Interest incurred during building construction Storage costs caused by early delivery of equipment Payment for installation of equipment (equipment installation complete and equipment ready for use) 15,000 30,000 2,500,000 70,000 250,000 525,000 15,000 80,000 30,000 1,000,000 55,000 10,000 80,000 Asset account Amount to Capitalize Land Land Improvements Building Equipment Amount to Expense