On February 1, 2020, Metlock Company 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: Metlock should record the cost of the land and new building, respectively, as

Demolition of old building $ 20000 Architect's fees 34600 Legal fees for title investigation and purchase contract 5400 Construction costs 1400000 (Salvaged materials resulting from demolition were sold for $10100.)