On January 1, 2019, Tonton Company purchased land for an office site by paying $1,500,000 cash. Tonton paid broker's commission of $40,000, legal fee of $8,000, and title insurance of $6,000. The closing statement showed that the land value was $1,200,000 and the building value was $300,000. Shortly after acquisition, the building was razed at a cost of 54,000. Tonton began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2019 480,000 840,000 April 1, 2019 May 1, 2019 2,400,000 Oct 1, 2019 1,200,000 Dec 31, 2019 240,000 The office was completed and ready for occupancy on Dec 31. To help pay for construction $2,400,000 was borrowed on March 1, 2019 on a 5%, 3-year note payable. Other than the construction note, the only debt outstanding during 2019 was a $10,000,000, 3%, 6-year note payable dated January 1, 2023. Record the individual costs of the land and the office building as of Dec 31, 2019. You need to show calculation to earn points