On February 1, 2020, Crane Company purchased a parcel of land as a factory site for $310000. 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 $ 18000 33000 4000 1370000 (Salvaged materials resulting from demolition were sold for $8000.) Crane should record the cost of the land and new building, respectively, as O $324000 and $1403000. O $320000 and $1407000. O $320000 and $1403000. O $332000 and $1395000