On March 1, 2021, 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, 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 costs Interest on construction loan $ 6,500 17,000 4,500 3,500 550,000 7,500 Salvaged materials resulting from the demolition of the old building were sold for $2,500. Required: Determine the amounts that Beldon should capitalize as the cost of the land and the new building