The Italian Bread Company purchased land as a factory site for $52,000. 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:

The Italian Bread Company purchased land as a factory site for $52,000. 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: Required: Determine the amounts that the company should record in the Land and the Building accounts. (Amounts to be deducted should b indicated by a minus sign.)