On February 2007, Reflection Corporation purchased a parcel of land as a factory site for $50,000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2007. Costs incurred during this period are listed below: Demolition of old building $ 4,000 Architects fees 10,000 Legal fees for title investigation and Purchase contract 1,000 Construction costs 500,000 (Salvaged materials resulting from demolition were sold for $1,000) Reflection should record the cost of the land and new building respectively as: a. $52,000 and $513,000. b. $53,000 and $512,000. c. $53,000 and $510,000. d. $55,000 and $510,000