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In 2015, FTI purchased land on 1 January for 100,000. When the company purchased the land, there was an existing building on the property. On 3 February, FTI paid 20,000 in demolition costs to remove this old building. On 3 March, FTI paid a 5,000 fee to the local authority for pavements on the land. The company also paid 6,500 on 3 March to install fencing around the propertys perimeter with is expected to last 15 years. FTI constructed a new building on the property to house its operations. Construction began 3 March and ended 30 June. FTI moved into the new building and began using it for operations on 1 July. The company incurred the following expenditures for construction of the new building: 125,000 (3 March); 100,000 (1 April); 75,000 (1 May); 100,000 (2 June); and 50,000 (1 July). FTI also purchased the following in 2015: production machinery on 1 January for 80,000; office equipment on 1 May for 7,500; and office furniture on 1 July for 7,000. Both the machinery and the office furniture is expected to be replaced after 7 years and the office equipment has a life of 5 years. The new building has an expected life of 39 years. Annual 2015 pre-tax income before accounting for any of the above items is 50,000. FTIs effective tax rate is 40 percent. Events and circumstances do not suggest impairment of any fixed assets as of 31 December, 2015 but FTI does estimate the new buildings salvage value is 20,000. FTI expects zero resale value for all other fixed assets. Based on manufacturers specifications and industry reviews for the production machinery, FTI anticipates the machinery will be most productive earlier in its life and that maintenance costs directly correlate with the age of the machinery. However, FTI intends to retain the machinery and use it for as long as possible.