Use the following to answer questions 14 J\&T Company purchased land as a factory site. An old building on the property was demolished, and construction began on a new building. Costs incurred during the first year are listed below: 1. \$ How much of the "property taxes on the land for the next year" should be capitalized in the land account? 2. How should the "sale of salvaged materials" be recorded? A. As an added cost of the land B. As a reduction of the cost of the land C. As an added cost to the building D. As a reduction of the cost of the building 3. $ What amount should be recorded to the Land account? 4. \$ What amount should be recorded to the Building account