The Italian Bread Company purchased land as a factory site for $$65,000.$ An old building on the property was demolished, and construction began on a new building. Costs incurred during the first year are listed as follows: Demolition of old building $ $8,500$ Sale of salvaged materials $(1,200)$ Architect fees $($for new building$)17,500$ Legal fees $($for title investigation of land$)2,500$ Property taxes on the land $($for the first year$)3,500$ Building construction costs $550,000$ Interest costs related to the construction $20,500$ 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.$)$