February 1, 2016, Alpha Company purchased land for the future factory location at a cost of $50,000. The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2016. Costs incurred during this period were:

Item	Amount
Demolition dilapidated building	$4,000
Architect Fees	$10,000
Legal Fees - for title search	$2,000
Interest During Active Construction Period	$18,750
Construction Costs	$500,000

Using this information, how much should be recorded as the cost of: (Enter only whole dollar values.)

1. Land

2. New Building