On March 1, 2021, 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, 2021. 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, 2021) Construction conta Interest on construction loan $ 9,000 19,000 5,500 5,000 700,000 10,000 Salvaged materials resulting from the demolition of the old building were sold for $4,000. Required: Determine the amounts that Beldon should capitalize as the cost of the land and the new building. Cost of Land Cost of New Building Determine the amounts that Beldon should capitalize as the cost of the land. with a minus sign.) Capitalized cost of land: Total cost of land $ 0 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: Total cost of building $ 0