On March $1,$ year $1,$ Waldorf Corporation purchased land as a factory site for $$70,000.$

An old building on the property was demolished, and construction began on a new building

that was completed on December $15,$ year $1.$ Costs incurred during this period are listed below: Demolition of old building $ $4,667$

Architect$$s fees $($for new building$)11,667$

Legal fees for title investigation of land $2,450$

Property taxes on land $($for period beginning March $1,$ year $1)3,500$

Construction costs $583,333$

Interest on construction loan $5,833$

Salvaged materials resulting from the demolition of the old building were sold for $$2,334.$

Required:

Determine the amounts that Waldorf should capitalize as the cost of the land and the new building