Damniitinn uf aid buiiding 5 4 ma Architect's fee: tim- naw building) 12,mu Legal fee: fur title investigatiun uf land l' Pruparty taxes an land...

1. On March 1, 2016, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2016. Costs incurred during this period are listed below:

Salvaged materials resulting from the demolition of the old building were sold for $2,000.

Required:

Determine the amounts that Beldon should capitalize as the cost of the land and the new building.