Waterway Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment. Abstract company's fee for title search $884 Architect's fees 5,389 Cash paid for land and dilapidated building thereon 147,900 Removal of old building $34,000 Less: Salvage 9,350 24,650 Interest on short-term loans during construction 12,580 Excavation before construction for basement 32,300 Machinery purchased (subject to 2% cash discount, which was not taken) 93,500 Freight on machinery purchased 2,278 Storage charges on machinery, necessitated by noncompletion of building when machinery was delivered 3,706 New building constructed (building construction took 6 months from date of purchase of land and old building) 824,500 Assessment by city for drainage project 2,720 Hauling charges for delivery of machinery from storage to new building 1,054 Installation of machinery 3,400 Trees, shrubs, and other landscaping after completion of building (permanent in nature) 9,180