View Policies Current Attempt in Progress Wildhorse Co. purchased land as a factory site for $520,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $54,600to raze the old buildings and sold salvaged lumber and brick for $8,190. Legal fees of $2,405 were paid for title investigation and drawing the purchase contract. Wildhorse paid $2,860to an engineering firm for a land survey, and $88,400for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,950, and a liability insurance premium paid during construction was $1,170. The contractor's charge for construction was $3,562,000. The company paid the contractor in two installments: $1,560,000 at the end of3months and $2,002,000upon completion. Interest costs of $221,000were incurred to finance the construction. Determine the cost of the land and the cost of the building as they should be recorded on the books of Wildhorse Co. Assume that the land survey was for the building. Cost of the Land Cost of the Building $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit