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 $53,000. An old building on the property was demimolshed, and construction began on a new building. Costs incurred during the first vear are lititad ac follows: Required: Determine the amounts that the company should record in the Land and the Building accounts. (Amounts to be deducted should be indicated by a minus sign.) Required: Determine the amounts that the company should record in the Land and the Building accounts. (Amounts to be deducted sho indicated by a minus sign.)