On February 1, 20X1, Edwards Corp. purchased land for a base price of $100,000. There was a building on the land that was immediately demolished. After the old building was demolished, Edwards began construction on a new building. The new building will be completed next year. Other costs incurred during 20X1 are as follows: Description Amount Demolition costs related to the old building $ 8,000 Legal fees related to the purchase of the land 4,000 Architect fees related to the new building 20,000 Construction costs on the new building 600,000 In addition, Edwards sold salvaged materials from the demolition of the old building for $2,000 in cash. Question: What should be the capitalized cost of the land and new building at 12/31/X1? There are two spaces to complete below. Answer: Description Land Building Capitalized cost at 12/31/X1 Answer 1 Question 3 Answer 2 Question 3