Determining the cost of an Asset Dublin Corporation paid $275,000 for a tract of land that had an old gas station on it. The gas station was demolished at a cost of $50,000 and a new warehouse was constructed on the site at a cost of $780,000. In addition, several other costs were incurred: In addition, several other costs were incurred: Legal fees (associated with the purchase of the land) $35,000 Architect fees (associated with the new warehouse) $68,000 Interest on the construction loan (for the new warehouse) $28,000 (a) What value should be assigned to the tract of land? $ 0 (b) What value should be assigned to the new warehouse? $ 0