On March 1, 2021, 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, 2021. Costs incurred during this period are listed below:

Demolition of old building ...........................................................$ 4,000
Architect’s fees (for new building) ...............................................12,000
Legal fees for title investigation of land .......................................2,000
Property taxes on land (for period beginning March 1, 2021) ..3,000
Construction costs ......................................................................500,000
Interest on construction loan ........................................................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.