Problem 7-1A (Algo) Determine the acquisition cost of land and building (LO7-1) The ltalian Bread Company purchased land as a factory site for $61,000. 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: Required: Determine the amounts that the compary should record in the Land and the Bullding accounts. (Amounts to be deducted should be indicoted by o minus sign.)