• On 18 July 2019, Sally Ltd purchased land for use as its corporate headquarters, at a price of $230,000.
• A small warehouse that was on the land when it was purchased was torn down by 31 July 2019, so that the land could be ready for the start of constructing the office building. The cost of this was $25,000.
• Before Sally Ltd builders could start construction of the building, a substantial amount of rock blasting and removal of soil was needed. This work was completed by 20 August 2019, and cost Sally Ltd $15,000.
• The construction of the building was completed by 30 November 2019, and had cost a total of $350,000.
• During the construction of the building, Sally Ltd also had the builders build a paved road that led from the public highway to the entrance of the building, at a cost of $55,000.
• Assume all costs were paid in cash on the dates given above.

Required:

Determine the initial cost of the land and the building. Record all transactions.