On Febi uary 1, 2025, Concord Corporation purchased a parcel of land as a factory site for $312000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2025. Costs incurred during this period are listed below: Demolition of old building Architect's fees Legal fees for title investigation and purchase contract Construction costs $ 20600 35200 4900 1406000 (Salvaged materials resulting from demolition were sold for $8100.) Concord should record the cost of the land and new building, respectively, as