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. The Land and Building account reported the following items during 2015.

January 31		Land and building		$166,600
February 28		Cost of removal of building		9,860
May 1		Partial payment of new construction		63,400
May 1		Legal fees paid		4,360
June 1		Second payment on new construction		45,400
June 1		Insurance premium		2,280
June 1		Special tax assessment		4,800
June 30		General expenses		37,200
July 1		Final payment on new construction		30,700
December 31		Asset write-up		62,400
				427,000
December 31		Depreciation