1. During the current year, Alana Co, had the following transactions pertaining to its new office.

A. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. B. What should Alanna Co. record on its books for the building?

Purchase price of land $120,000 Legal fees for contracts to purchase land 4,000 Architect fees 16,000 Demolition of the old building on site 10,000 Sale of scrap from old building 6,000 Construction cost of new building 700,000 A. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. B. What should Alanna Co. record on its books for the building