question 65 On February 1, 2017, Sheffield Corp. purchased a parcel of land as a factory site for $329000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2017. Costs incurred during this period are listed below: Demolition of old building $ 19600 Architect's fees 34200 Legal fees for title investigation and purchase contract 5600 Construction costs 1403000 (Salvaged materials resulting from demolition were sold for $8400.) Sheffield should record the cost of the land and new building, respectively, as $345800 and $ 1437200 $ 354200 and $ 1428800. $ 340200 and $1437200 $340200 and $1442800