On March 1, 2021, Eldon Corporation purchased land as a factory site for $77,000. 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 $ 7,500 Architects fees (for new building) 16,000 Legal fees for title investigation of land 4,000 Property taxes on land (for period beginning March 1, 2021)

Capitalized cost of land:
Total cost of land

Capitalized cost of building:Total cost of building

Capitalized cost of building:Total cost of building