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 9,000 Sale of salvage material (1,100) Architect fees (for new building) 20,000 Legal fees (for title investigation of land) 3,000 Property taxes on the land (for the first year) 4,000 Building construction costs 600,000 Determine the amount that the company should record in the Land account and the Building account