Sherman, Inc., uses the calendar year as its reporting period. During Year 1, the company completed numerous property, plant, and equipment transactions. In particular, Sherman incurred long-term debt to build a new warehouse storage facility at its current location. An unrelated building contractor managed the new warehouse construction project.

Sherman has a policy of capitalizing expenditures with a unit cost of at least $1,000 and a useful life greater than 1 year. The company prorates depreciation expense in the year of acquisition based on the date of purchase.

Sherman purchased or constructed the following assets during Year 1. Calculate the amount that the company should capitalize for each of the following property, plant, and equipment assets. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive values.

Land for the new warehouse
Purchase price	$325,000.00
Demolition of existing structures on property	120,000.00
Proceeds from the sale of scrap from the old buildings on the site	65,000.00
Costs incurred to grade and pave driveways and parking lots	40,000.00
Lawn and garden sprinkler systems for the property	18,500.00
Legal fees incurred to purchase the property and paid at settlement	24,000.00
Capitalized cost of the land
Capitalized cost of land improvements
Construction of new warehouse
Construction began March 15 and ended August 31
Borrowings to finance construction	$265,000.00
Interest incurred from 3/15 through 8/31	11,000.00
Interest incurred from 9/1 through 12/31	8,500.00
Total cost of labor, materials, and overhead to construct the warehouse	305,000.00
Costs incurred to grade and pave driveways and parking lots	40,000.00
Costs to repair water line ruptured during excavation	8,000.00
Capitalized cost of the warehouse
New machine
Cost of machine	$36,000.00
Sales tax paid on machine	2,100.00
Installation costs	3,700.00
Finance charges on purchase loan	2,900.00
Capitalized cost of the new machine