Kingbird Co. purchased land as a factory site for $110,400. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $11,592 to raze the old buildings and sold salvaged lumber and brick for $1,739. It paid legal fees of $511 for title investigation and drawing up the purchase contract. Kingbird paid $607 to an engineering firm for a land survey, and $18,768 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $414, and a liability insurance premium paid during construction was $248. The contractor's charge for construction was $756,240. The company paid the contractor in two installments: $331,200 at the end of 3 months and $425,040 upon completion. Interest costs of $46,920 were incurred to finance the construction. Determine the cost of the land and the cost of the building as they should be recorded on the books of Kingbird Co. Assume that the land survey was for the building