On March 1, 2021, Beldon Corporation purchased land as a factory site for $77,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building $ 7,500 Architect’s fees (for new building) 16,000 Legal fees for title investigation of land 4,000 Property taxes on land (for period beginning March 1, 2021) 4,700 Construction costs 670,000 Interest on construction loan 8,500 Salvaged materials resulting from the demolition of the old building were sold for $3,700. Required: Determine the amounts that Beldon should capitalize as the cost of the land and the new building.