Un March 1, 2020, Sharjah Corporation purchased a parcel of land as a factory site for $320,000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below: Demolition of old building $ 20,000 Architect's fees 36,000 Legal fees for title investigation and purchase contract 7,000 Construction costs 1,390,000 (Salvaged materials resulting from demolition were sold for $10,000.) I 7. What is the cost of the land 8. What is the cost of the new building