During the year just ended, Burr Co. had the following transactions pertaining to its new office building: Purchase price of land: $ 60,000 Legal fees for contracts to purchase land: $2,000 Architects fees: $8,000 Demolition of the old building on site: $5,000 Sale of scrap from old building: $3,000 Construction cost of new building (fully completed): $350,000 In Burrs December 31 balance sheet, what amounts should be reported as the cost of land and cost of building?