On March 1, 2016, Beldon Corporation purchased land as a factory site for $80,000. 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 $9,000 19,000 5,500 Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning 5,000 March 1, 2016) 700,000 10,000 Construction costs Interest on construction loan Salvaged materials resulting from the demolition of the old building were sold for $4,000 Required: 1-a. Determine the amounts that Beldon should capitallze as the cost of the land. (Amounts to be deducted should be Indicated with a minus sign.) Capita cost of land: Total cost of land Determine the amounts that Beldon should capitalize as the cost of the new 1-b. building- Capitalized cost of building: Total cost of building