An old building on the property was demolished and construction began on a new warehouse that was completed on October 15, 2010. Costs incurred on the constructinn project are listed below. Cost of building construction ....................................... $520,000 Title insurance ......................................................... 1,500 Cost of constructing a driveway ..................................... 0,000 Legal fees to purchase land. .......................................... 1,000 Architect's fees ......................................................... 20,000 Cost of demolishing the old buding ................................ 3,500 Proceeds from salvaged materials from building demolition..... (1,200] Delinquent property taxes, Januaryr llune 30, 2010 ............... 3,000 Interest during construction on the construction loan .............. 12,000 Cost of parking lot and fencing ....................................... 10,000 Cost of grading and lling the land ................................... 9,000 Excavation costs ......................................................... 30,000 Required: Determine the cost of the land, the building and the land improvements. Please show your work for partial credit