On January 6, Year 1, the Mount Jackson Corporation purchased a tract of land for a factory site for $840,000. An existing building on the site was demolished and the construction of the new factory building was completed on October 11, Year 1. Additional cost data are shown below: Construction cost of new building Realtor's and attorney's fees Architect's fees relating to construction of new building Cost to demolish old building Salvage recovery from old building $1,024,000 20,300 87,000 79,200 (14,500) Which of the following correctly states the capitalized cost of the land and the new factory building, respectively? Multiple Choice O $939,500 and $1,096,500 $925,000 and $1,111,000 O $860.300 and $1,175,700 $840,000 and $1,196,000