The Italian Bread Company purchased land as a factory site for $64,000. 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 $ 8,400 Sale of salvaged materials (1,100) Architect fees (for new building) 17,000 Legal fees (for title investigation of land) 2,400 Property taxes on the land (for the first year) 3,400 Building construction costs 540,000 Interest costs related to the constr