Kendrick Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded in random order. Increases 1. Cost of real estate purchased as a plant site (land and building) $130,000 2. Accrued real estate taxes paid at the time of the purchase of the real estate 4,000 3. Cost of demolishing building to make land suitable for construction of a new building 10,000 4. Architect's fees on building plans 14,000 5. Excavation costs for new building 30,000 6. Cost of filling and grading the land 5,000 7. Insurance and taxes during construction of building 6,000 8. Cost of repairs caused by a small fire shortly after completion of building 7,000 9. Interest paid during the year, of which $45,000 pertains to the construction period 74,000