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February 1. 2016, Alpha Company purchased land for the future factory location at a cost of $50,000. The dilapidated building that was on the property was demolished so that construction
could begin on the new factory building. The new factory was completed on November 1, 2016. Costs
incurred during this period were: Demolition dilapidated building
Architect Fees $9,150 Legal Fees – for title search $2,500
Interest During Active Construction Period $11500
Construction Costs $510,000 Using this information, how much should be recorded as the cost of: (Enter oniy whole dollar values.} 1. Land 2. New Building