On February 1, 20X1, Jamison Corporation purchased a parcel of land as a factory site for $280,000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 20X1. Costs incurred during this period are listed below: Demolition of old building $ 20,000 Architect's fees 35.000 Legal fees for tide investigation and purchase contract 5.000 Construction costs 1.340,000 (Salvaged materials resulting from demolition were sold for $10,000.) Jamison should record the cost of the land and new building, respectively, as