On March 1, 2011, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2011. Costs incurred during this period are listed below:
Demolition of old building .............. $ 4,000
Architect's fees (for new building) ........... 12,000
Legal fees for title investigation of land .......... 2,000
Property taxes on land (for period beginning March 1, 2011) . 3,000
Construction costs ................. 500,000
Interest on construction loan .............. 5,000

Salvaged materials resulting from the demolition of the old building were sold for $2,000.

Required:

Determine the amounts that Beldon should capitalize as the cost of the land and the new building.