1. On February 1, Barnett Company purchased a parcel of land as a factory site for $165,000. It demolished an old building on the property and began construction on a new building that was completed on October 2nd of the same year. Costs incurred during this period are:

Architect's fees

$ 10,000

Construction costs

275,000

Demolition of the old building

9,500

Legal fees for title investigation and purchase contract

5,500

The company sold salvaged materials resulting from the demolition for $5,000.

At what amount should Barnett record the cost of the LAND and the new BUILDING, respectively?