For the next three items, refer to the following information: A company commenced operations at the beginning of the current year. The entity incurred the following costs during the year: Payment for land Taxes in arrears on land Architect fee Payment to city hall for approval of building construction Contract price for new building Safety fence around construction site Safety inspection on new building Removal of safety fence after completion of new building New permanent fence surrounding the new building Driveways, parking bays and safety lighting 23. What is the cost of land? 24. What is the cost of the building? 1,000,000 50,000 230,000 120,000 5,000,000 35,000 30,000 20,000 80,000 550,000