1. ABC Company purchased land for $350,000 with intentions to construct an office building on the site. At the time of the closing, ABC Company paid closing costs of $5,000, title fees of $800, and attorney's fees of $3,200. When ABC Company purchased the land, removal of an old building was completed in preparation for the new building at a cost of $8,000: However, ABC Company was able to sell a portion of the building materials retrieved from the old, demolished building to a local contractor for $2,000. After $21,000 was paid to grade the property, a building was constructed at a total cost of $600,000. Required: Based on the previous information, identify the total acquisition costs for the land and the building