On February 1, 2017, Rummel Corporation purchased a parcel of land as a factory site for $50,000. An old building on the property was demolished, and construction began on a new building that was completed on December 12, 2017. Costs incurred during this period are listed below: (Salvaged materials resulting from demolition were sold for s15,000) Rummel should record the cost of the land and the cost of the new building, respectively, as S48,000 and $1, 022,000 $50,000 and $1, 022,000 $63,000 and $1, 032,000 $63,000 and $1, 017,000 The Ripple Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of $500,000. At the time of acquisition, Ripple paid $20,000 to have the assets appraised. The appraisal disclosed the following values: What costs should be assigned to the buildings? $166, 667 $173, 333 $200,000 $260,000