On March 1, 2021, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was demolish, and construction began on a new building that was completed on December 15, 2021. Cost incurred during this period are listed below: Demolition of an old building, $4,000 Architect's fees (for new building) 12,000 Legal fees for title investigation of land 2,000 Property taxes on land (for the period beginning March 1, 2021) 3,000 Construction cost Interest on construction loan 500,000 5,000 Salvage materials resulting from the demolition of the old building were sold for $2,000. Required: Determine the amount that Beldon should capitalize as the cost of the land and the new building.