Check my Problem 7-1B Determine the acquisition cost of land and building (LO7-1) 1.66 points The Italian Pizza Company purchased land as a factory site for $85,000. Prior to construction of the new building, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed below: eBook Land clearing costs Sale of firewood to a worker Architect fees (for new building) Title investigation of land Property taxes on land (for the first year) Building construction costs $ 4,500 (450) 25,000 3,000 2,500 350,000 Print References Required: Determine the amounts that the company should record in the land and the new building accounts. (Amounts to be deducted should be indicated by a minus sign.) Land Building Totals