31 On January 6, Year 1, the Mount Jackson Corporation purchased a tract of land for a factory site for S770.000. An existing bulding on the site was demolished and the new factory was completed on October 11, Year 1. Additional cost data are shown below Construction cost of new building Real estate and attorney fees $912,000 0135 17 10,500 73,000 Architect fees Cost of demolish old building 69,400 (7,500) Salvage recovery from old building Which of the following correctly states the capitalized cost of the (a) land and (b) the new building, respectively? Multiple Choice $780,500 and S1,046,900 S770.000 and $1.057.400