Use the following information for question 1 and 2. Wilson Co. purchased land as a factory site for $600,000. Wilson paid $60,000 to tear down two buildings on the land. Salvage was sold for $5, 400. Legal fees of $3, 480 were paid for title investigation and making the purchase. Architects fees were $31, 200. Title insurance cost $2, 400, and liability insurance during construction cost $2, 600. Excavation cost $10, 440. The contractor was paid $2, 200,000. An assessment made by the city for pavement was $6, 400. Interest costs during construction were $ 170,000. The cost of the land that should be recorded by Wilson Co. is The cost of the building that should be recorded by Wilson Co. is