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  3. on march 1,2024, beldon corporation purchased land

On March 1,2024, Beldon Corporation purchased land as a factory site for $60,000. An old...

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Accounting

On March 1,2024, 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 15,2024. 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 1,2024)
Construction costs
Interest on construction loan
$4,000
12,000
2,000
3,000
500,000
5,000
Salvaged materials resulting from the demolition of the old building were sold for $2,000.
Required:
Determine the amounts that Beldon should capitalize as the cost of the land and the new building.
Complete this question by entering your answers in the tabs below.
Cost of Land
Cost of New
Building
Determine the amounts that Beldon should capitalize as the cost of the land.
Note: Amounts to be deducted should be indicated with a minus sign.
\table[[Capitalized cost of land:,],[,],[,],[,],[,],[Total cost of land,$
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