DJG Corporation purchased land in order to build new corporate headquarters for a purchase price of $771,000. The lawyers charged $2,400 to handle the legal aspects of the purchase. Closing costs paid by DJG amounted to $15,700. There was an old factory and warehouse on the property that cost DJG $6,000 to have removed. In addition, CSB Construction charged the corporation $1,300 to grade the property to ensure proper drainage and an additional $19,600 build a drive, parking lot, and walkways.

1. What amount should be recorded as Land?
2. What other account(s) should be increased and for what amount(s)?