P7-1B The Italian Pizza Company purchased land as a factory site for $90,000. 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: Det cos bui Land clearing costs Sale of firewood to a worker Architect fees (for new building) Title investigation of land Property taxes on land (for the first year) Building construction costs $ 5,000 (400) 30,000 3,500 3,000 400,000 Required Determine the amounts that the company should record in the Land and the New Building accounts