On February 1, Ross Corporation purchased an old elementary school in an excellent location for a new condo complex for $4,000,000. The elementary school on the property was demolished, and construction began on a new building that was completed on December 30. Costs incurred during this period are listed below: Demolition of old building $60,000 Architect's fees for new building $2,000,000 Legal fees for title investigation of land $ 10,000 Back taxes owed on the property, $30,000 Current property taxes on land $ 5,000 Construction costs $40,000,000 Interest on construction loan $600,000 Salvaged material resulting from the demolition of the old building were sold for $10,000. The initial amount recognized by Ross for the building upon its completion will be? (enter your answer in whole dollars without a dollar sign but with commas) On August 1, Sally purchased a marina for $1,500,000, including the clubhouse. The appraised value of the clubhouse is $450,000, the appraised value of the dock (i.e. land improvements) is $150,000, and the value of the underlying beach front property is $1,200,000. Other helpful info: GAAP does not allow you to record a gain on a purchase. What is the initial value Sally records for the land? (enter your number in whole dollars without a dollar sign but with commas)