On March 1, 2021, Beldon Corporation purchased land as a factory site for $69,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below:

Demolition of old building	$	8,500
Architects fees (for new building)		21,000
Legal fees for title investigation of land		6,500
Property taxes on land (for period beginning March 1, 2021)		3,900
Construction costs		590,000
Interest on construction loan		9,500

Salvaged materials resulting from the demolition of the old building were sold for $2,900. 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. (Amounts to be deducted should be indicated with a minus sign.) Capitalized cost of land: Construction costs Total cost of land $ 0 Cost of Land Cost of 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 new building. Capitalized cost of building: Purchase price Legal fees for title investigation of land Architect's fees Demolition of old building Total cost of building $ 69,000 6,500 21,000 8,500 $ 105,000