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Acquisition of Land and Building

On February 1, 2016, Edwards Corporation purchased a parcel of land as a factory site for $120,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2016. Costs incurred during this period are:

Demolition of old building	$ 8,000
Architect's fees	30,000
Legal fees for title investigation and purchase contract	5,000
Construction costs	625,000

Edwards sold salvaged materials resulting from the demolition for $2,000.

Required:

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1. At what amount should Edwards record the cost of the land and the new building, respectively?

If an input box should be blank, enter a zero.

	Land	Building
Purchase price of land	120000	?
Demolition of old building	8000	?
Architect's fees	?	?
Legal fees	5000	?
Construction costs	?	?
Salvaged materials	2000	?
Total	?	?