The Italian Bread Company purchased land as a factory site for $$66,000.$ 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 $ $8,600$

Sale of salvaged materials $(1,000)$

Architect fees $($for new building$)18,000$

Legal fees $($for title investigation of land$)2,600$

Property taxes on the land $($for the first year$)3,600$

Building construction costs $560,000$

Interest costs related to the construction $21,000$

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.$)$