On March $1,2024,$ Beldon Corporation purchased land as a factory site for $$60,000.$ 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 of old building

Architect's fees $($for new building$)$

Legal fees for title investigation of land

Property taxes on land $($for period beginning March $1,2024)$

Construction costs

Interest on construction loan

$$4,000$

$12,000$

$2,000$

$3,000$

$500,000$

$5,000$

Salvaged materials resulting from the demolition of the old building were sold for $$2,000.$

Required:

Determine the amounts that Beldon should capitalize as the cost of the land and the new building.

Complete this question by entering your answers in the tabs below.

Cost of Land

Cost of New

Building

Determine the amounts that Beldon should capitalize as the cost of the land.

Note: Amounts to be deducted should be indicated with a minus sign.

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