On February 1, 2013, Forwards Corporation purchased a parcel of land as a factory site for $455,000. An old building on the property was demolished and construction begun on a new warehouse that was completed April 15, 2014. Costs incurred on the construction project are listed below. Demolition of old building ........................... $ 21,000 Architect's fees ..................................... 31,700 Legal fees--title investigation ...................... 4,100 Construction costs ................................... 950,000 Imputed interest based on stock financing ............ 14,000 Landfill for building site ........................... 19,300 Clearing of trees from building site ................. 9,600 Temporary buildings used for construction activities . 29,000 Land survey .......................................... 4,000 Excavation for basement .............................. 13,200 (Salvage materials from demolition sold for $1,800) (Timber sold for $3,300) Determine the cost of the land and new building.