On February 1, 2025, Sheffield Corp. purchased a parcel of land as a factory site for $329000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2025. Costs incurred during this period are listed below. Demolition of old building Architect's fees $ 19600 34200 Legal fees for title investigation and purchase contract 5600 1403000 Construction costs (Salvaged materials resulting from demolition were sold for $8400) Sheffield should record the cost of the land and new building, respectively, as $340200 and $1442800. O $354200 and $1428800 O $340200 and $1437200. O $345800 and $1437200.