On February 1, 2020, 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, 2020. 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 O $337500 and $1433100. $324500 and $1441200. $324500 and $1446100. $329400 and $1441200. Oriole Company purchased a depreciable asset for $562000. The estimated salvage value is $28000, and the estimated useful life is 10000 hours. Carson used the asset for 1300 hours in the current year. The activity method will be used for depreciation. What is the depreciation expense on this asset in the current year? O $69420 O $53400 O $76700 $534000 Save for Later Attempts: 0 of 1 used Submit