The Italian Bread Company purchased land as a factory site for $59,000. 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 $ 7,900 Sale of salvaged materials (1,200) Architect fees (for new building) 14,500 Legal fees (for title investigation of land) 1,900 Property taxes on the land (for the first year) 2,900 Building construction costs 490,000 Interest costs related to the construction 17,500 Required: Determine the separate amounts that will be reported in the Land and Building accounts. Amounts to be deducted should be indicated by a minus sign.

The Italian Bread Company purchased land as a factory site for $59,000. 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	$ 7,900
Sale of salvaged materials	(1,200)
Architect fees (for new building)	14,500
Legal fees (for title investigation of land)	1,900
Property taxes on the land (for the first year)	2,900
Building construction costs	490,000
Interest costs related to the construction	17,500

Required:

Determine the separate amounts that will be reported in the Land and Building accounts.

Amounts to be deducted should be indicated by a minus sign.