On February 1, 2020, Sheffield Corp. 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 $ 19900 Architect's fees 34600 Legal fees for title investigation and purchase contract 5100 Construction costs 1406000 (Salvaged materials resulting from demolition were sold for $8600.) Sheffield should record the cost of the land and new building, respectively, as