On the first day of the year, China Express purchased land for $75,000. Prior to construction of the new building, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed below: Land clearing costs $3,500 Sale of firewood to a worker (550) Architect fees (for new building) 15,000 Title investigation of land 2,000 Property taxes on land (for the first year) 1,500 Building construction costs 250,000 Required: Determine the amounts that the company should record in the Land and the Building accounts