ARA Company purchased land for $300,000. Demolition of the existing building on the land totaled $60,000. ARA sold salvage materials from the building site for $30,000. A few months later ARA built a production building on the land at a cost of $1,200,000 in addition to paying site preparation costs of $80,000. ARA also installed a fence for $15,000 and paved a parking lot for $35,000. A. What amount should ARA record for the cost of the land? B. What amount should ARA record for the cost of the building