The Italian Bread Company purchased land as a factory site for $70,000. An old building on the property was demolished, and construction began on a new building. Costs incurred during the first year are listed below: Demolition of old building Sale of salvage material Architect fees (for new building) Legal fees (for title investigation of land) Property taxes on the land (for the first year) | Building construction costs 9,000 (1,100) 20,000 3,000 4,000 600,000 Determine the amount that the company should record in the Land account and the Building account