On January 15, 2020, Super Accountants Corporation purchased a parcel of land as a factory site for $200,000. An old building on the property was demolished, and construction began on a new building which was completed on October 18, 2020. Costs incurred during this period are listed below: Demolition of old building 5,000 Salvage value of old building 10,000 Architect's fees 23,000 Legal fees for title and contract 5,000 Cost of natural grass 18,000 Cost of digging the ground to make room for basement 6,000 Construction costs 800,000