1. On February 1, 2019, Kennett Corporation purchased land for use as a factory site for $300,000. A building on the property was demolished, and construction began on a new building which was completed on November 1, 2019. Costs incurred during this period are listed below:

   Demolition of old building $ 25,000

   Architect's fees 35,000

   Legal fees for land title investigation and purchase contract 5,000

   Construction costs 980,000

   Further, materials salvaged from demolition were sold for $20,000. At what amounts should Kennett record the cost of the (a) land and (b) new building, respectively?