Good afternoon,

The attached is a copy of a question that I need assistance with.

Thank you,

WillieMae

On February 1, 2014, Nelson Corporation purchased a parcel of land as a factory site for $280,000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2014. Costs incurred during this period are listed below: Demolition of old building $ 20,000 Architects fees $35,000 Legal lees for title investigation and purchase contract 5,000 Construction costs 1,340,000 (Salvaged materials resulting from demolition were sold for 10,000.) Nelson should record the cost of land and new building, respectively, as