On February 1, 2020, Metlock Company purchased a parcel of land as a factory site for $327000. 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		20,400
Architect's fees		36,800
Legal fees for title investigation and purchase contract		6,000
Construction costs		1,405,000
(Salvaged materials resulting from demolition were sold for $9100)

Metlock should record the cost of the land and new building, respectively, as