On January 1, 2021, Kendall Inc. began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 $ 285,000 September 1, 2021 $ 402,000 December 31, 2021 $ 402,000 March 31, 2022 $ 402,000 September 30, 2022 $ 285,000 Kendall borrowed $784,000 on a construction loan at 11% interest on January 1, 2021. This loan was outstanding throughout the construction period. The company had $4,670,000 in 8% bonds payable outstanding in 2021 and 2022. Average accumulated expenditures for 2022 was:

A company incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building:

Purchase price of the land	$	418,000
Sale of salvaged parts already on the land	$	38,000
Demolition of the old building	$	48,000
Ground-breaking ceremony (food and supplies)	$	2,400
Land preparation and leveling	$	8,400

What amount should be recorded for the purchase of the land?

On January 1, 2021, Kendall Inc. began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2022. Expenditures on the project were as follows:

January 1, 2021	$	296,000
September 1, 2021	$	372,000
December 31, 2021	$	372,000
March 31, 2022	$	372,000
September 30, 2022	$	296,000

Kendall borrowed $774,000 on a construction loan at 12% interest on January 1, 2021. This loan was outstanding throughout the construction period. The company had $4,620,000 in 12% bonds payable outstanding in 2021 and 2022. Interest (using the specific interest method) capitalized for 2022 was: