China Express purchased land for $140,000. Prior to construction on the new building, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed below:
Land clearing costs .............$ 5,000
Architect fees (for new building) ......... 30,000
Legal fees for title investigation of land........1,000
Property taxes on land (for the first year) ..... 2,500
Building construction costs .......... 440,000

Required:
Determine the amounts that should be recorded in the land and the new building accounts.