During 2016, Burr Co. made the following expenditures related to the acquisition of land and the construction of a building: Purchase price of land $ 60,000 Legal fees for contracts to purchase land Architects' fees Demolition of old building on site Sale of scrap from old building Construction cost of new building (fully completed) 2,000 8,000 5,000 3,000 350,000 What amounts should be recorded as the initial values of the land and the building? Land Building