PART IV (continued) 10) On February 1, 20x1, Kennett Corporation purcha factory site for $300,000. An old building on the prompleted on a parcel of land as a 20x1. Costs incurred urnew building, which was completed on November 1 lding, wiporty was demolished, and during this period are list d are listed below Demolition of old building Architect's fees $25,000 35,000 Legal fees for title investigation and purchase contract Construction costs 990,000 (Salvaged materials resulting from demolition were so Kennett should record the cost of the land and new a. $330,000 and $1,015,000 b. $315,000 and $1,030,000 C. $315,000 and $1,025,000 d. $320,000 and $1,025,000 building, respectively as 11) Howe Co.'s accounts payable balance at December 31, 20x1 was $1,200,000 before considering the following transactions: Goods were in transit from a vendor to Howe on December 31, 20x1. The on December 29, 20x1. The goods were received on January 4, 20x2. . Goods shipped to Howe, f.o.b. shipping point on December 20, 20x1, from a invoice price was $80,000, and the goods were shipped f.o.b. shipping point vendor were lost in transit. The invoice price was $50,000. On January 5, 20x2, Howe filed a $50,000 claim against the common carrier. In its December 31, 20x1 balance sheet, Howe should report accounts payable of a. $1,330,000. b. $1,280,000. c. $1,250,000. d. $1,200,000