On February 1, 2016, Edwards Corporation purchased a parcel of land as a factory site for $100,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2016. Costs incurred during this period are:

Demolition of old building $ 8,000

Architect’s fees 25,000

Legal fees for title investigation and purchase contract 4,000

Construction costs 650,000

Edwards sold salvaged materials resulting from the demolition for $2,000.

Required:

1. At what amount should Edwards record the cost of the land and the new building, respectively?

If an input box should be blank, enter a zero.

Land Building

Purchase price of land $ $

Demolition of old building

Architect's fees

Legal fees

Construction costs

Salvaged materials

Total $ $

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