Problem 7-1B Determine the acquisition cost of land and building (LO7-1) The Italian Pizza Company purchased land as a factory site for $85,000. Prior to construction of the new bulding, the fand had to be cleared of trees and brush. Construction costs incurred during the first year are fisted below Required: Determine the amounts that the compary should recotd in the land and the new bullding accounts. (Amounts to be deducted should be indiented by a minus sign.) Required: Defermine the amounts that the compary should recond in the land and the new bullding accounts. (Amounts to be deducted should be indicoted by o minus slan