of Q1 (Classification of Costs and Interest Capitalization) On January 1, 2021, Blair Corporation purchased for $950,000 a tract of land (site number 101) with a building. Blair paid a real estate broker's commission of $42,000, legal fees of $3,700, and title guarantee insurance $4,300 . The closing statement indicated that the land value was $800,000 and the building value was $200,000 Shortly after acquisition, the building was razed at a cost of $30,000 Blair entered into a contract with Slatkin Builders, Inc. on March 1, 2021, for the construction of an office building on land site number 101. The building was completed and occupied on Dec 31, 2021. Additional construction costs were incurred as follows: To finance construction costs, Blair borrowed 51,000,000 on March 1, 2021. The loan is payable in 10 years in a single sum of $1,000,000 plus annual interest at 9% which will be paid at March 1. Other debt includes a 20-year notes payable of $2,000,000 issued on January 1,2010, with an annula interest at 12% Blair's building construction expenditures were as follows: March 1, 2021: Plans and architects fees May 1, 2021: Construction cost Oct 1, 2021: Construction cost Dec 31, 2021: Construction cost $600,000 $1,200,000 $300,000 $500,000 Instructions: (a) Prepare a schedule that discloses the individual costs making up the balance in the land account in respect of land site number 101 as of Dec 31, 2021. BLAIR CORPORATION Cost of Land (Site #101) As of Dec 31, 2021 Cost of land