Kingbird Co$.$ purchased land as a factory site for $$568,000.$ The process of tearing down two old buildings on the site and constructing

the factory required $6$ months.

The company paid $$59,640$ to raze the old buildings and sold salvaged lumber and brick for $$8,946.$ Legal fees of $$2,627$ were paid for

title investigation and drawing the purchase contract. Kingbird paid $$3,124$ to an engineering firm for a land survey, and $$96,560$ for

drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost

$$2,130,$ and a liability insurance premium paid during construction was $$1,278.$ The contractor's charge for construction was

$$3,890,800.$ The company paid the contractor in two installments: $$1,704,000$ at the end of $3$ months and $$2,186,800$ upon

completion. Interest costs of $$241,400$ 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.

Cost of the Land

Cost of the Building