Part 2: On February 1, 2020, Sudan Corp. purchased a parcel of land for S 300,000 as a factory" site. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below:

Demolition of old building.... 25,000

Architect's fees.... . 35,000

Legal fees for title investigation and purchase contract....: 5,000

Construction costs............ . . 990,000 (Salvaged materials resulting from demolition were sold for S 10,000.)

Required. At what values should Sudan record the cost of the land and new building, respectively?