Problem 7-1A (Algo) Determine the acquisition cost of land and building (LO7-1) The Italian Bread Company purchased land as a factory site for $55,000. 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 company should record in the Land and the Building accounts. (Amounts to be deductec should be indicated by a minus sign.)