During 2016, Burr Co. made the following expenditures related to the acquisition of land and the construction of a building: 15 Purchase price of land $ 60,000 2 points Legal fees for contracts to purchase land 2000 Architects fees Demolition of old building on site Sale of scrap from old building 8,000 013t37 5,000 3,000 Construction cost o of new building (fully 350,000 completed) eBook What amounts should be recorded as the initial values of the land and the building? Print Land Building References Multiple Choice $60,000 $360,000 $62000 $360,000 $64,000 $358,000 $65,000 $362,000