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Exercise 10-1 Acquisition costs; land and building (L010-1 On March 1,...

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Exercise 10-1 Acquisition costs; land and building (L010-1 On March 1, 2018, Beldon Corporation purchased land as a factory site for $68,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2018. Costs incurred during this period are listed below: Demolition of old building Architect's fees for new building) Legal fees for title investigation of land Property taxes on land for period beginning March 1, 2018) Construction costa Interest on construction loan $ 8,000 20,000 6,000 3,800 580,000 9.000 Salvaged materials resulting from the demolition of the old building were sold for $2,800. Required: Determine the amounts that Beldon should capitalize as the cost of the land and the new building. Complete this question by entering your answers in the tabs below. Cost of Land Cost of New Building Determine the amounts that Beldon should capitalize as the cost of the land. (Amounts to be deducted should be indicate with a minus sign)

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