Spitfire Company was incorporated on January 2, 2015, but was unable to begin manufacturing activities until July 1, 2015, because new factory facilities were not completed until that date.

January 31		Land and building		$163,600
February 28		Cost of removal of building		9,990
May 1		Partial payment of new construction		63,200
May 1		Legal fees paid		4,170
June 1		Second payment on new construction		47,700
June 1		Insurance premium		2,352
June 1		Special tax assessment		4,100
June 30		General expenses		38,300
July 1		Final payment on new construction		31,900
December 31		Asset write-up		58,900
				424,212
December 31		Depreciation