On March $1,2024,$ Beldon Corporation purchased land as a factory site for $$63,000.$ An old building on the property was demolished, and construction began on a new building that was completed on December $15,2024,$ Costs incurred during this period are listed below: Demolition $$5,500$; Architect's fees$($for new building$)$ $$15,000$; Legal fees for title investigation of land $$3,500$; Property taxes on land $($for period beginning March $1,2024)$ $$3,300$; Construction costs $$530,000$; Interest on construction loan $$6,500.$ Salvaged materials resulting from the demolition of the old building were sold for $$2,300.$