On March 1, 2016, Beldon Corporation purchased land as a factory site for $65,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2016. Costs incurred during this period are listed below points $ 6,500 17000 4,500 3,500 550,000 7,500 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, 2016) Construction costs Interest on construction loan Print Salvaged materials resulting from the demolition of the old building were sold for $2,500. Required: 1-a. Determine the amounts that Beldon should capitalize as the cost of the land. 10 (Amounts to be deducted should be indicated with a minus sign.) 7 points Capitalized cost of land: Print Total cost of land 10 1b. Determine the amounts that Beldon should capitalize as the cost of the new building ints Print Capitalized cost of building: Total cost of building