On January 6, Year 1, Mount Jackson Corporation purchased a tract of land for a factory site for $780,000. An existing building on the site was demolished and the new factory was completed on October 11, Year 1. Additional cost data are shown below. Construction cost of new building Real estate and attorney fees 6. Architect fees Cost to demolish old building Salvage recovery from old building $ 928,000 11,900 75,000 70,800 (8,500) Which of the following are the capitalized costs of the land and the new building, respectively? Multiple Choice $854,200 and $1,003,000 $791 900 and $1.055 3nn