During 2016, Burr Co. made the following expenditures related to the acquisition of land and the construction of a building:
|
Purchase price of land
|
$
|
60,000
|
|
Legal fees for contracts to purchase land
|
|
2,000
|
|
Architects’ fees
|
|
8,000
|
|
Demolition of old building on site
|
|
5,000
|
|
Sale of scrap from old building
|
|
3,000
|
|
Construction cost of new building (fully completed)
|
|
350,000
|
What amounts should be recorded as the initial values of the land and the building?