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On February 1, Barnett Company purchased a parcel of land as a factory site for $165,000.It demolished an old building on the property and began

On February 1, Barnett Company purchased a parcel of land as a factory site for $165,000.It demolished an old building on the property and began construction on a new building that was completed on October 2nd of the same year.Costs incurred during this period are:

Architect's fees $10,000

Construction costs$275,000

Demolition of the old building $9,500

Legal fees for title investigation and purchase contract $5,500

The company sold salvaged materials resulting from the demolition for $5,000.

Required:

At what amount should Barnett record the cost of the LAND and the new BUILDING, respectively?

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