Online Assignment #1: Determine the acquisition cost of land and building P7-1A The Italian Bread Company purchased land as a factory site for $70,000. An old building on the . property was demolished, and construction began on a new building. Costs incurred during the first year are listed as follows: Demolition of old building Sale of salvaged materials Architect fees (for new building) Legal fees (for title investigation of land) Property taxes on the land (for the first year) Building construction costs Interest costs related to the construction Required: $ 9,000 (1,100) 20,000 3,000 4,000 600,000 23,000 Determine the amounts that the company should record in the Land and the Building accounts