Exercise $10-1($Algo$)$ Acquisition costs; land and building $[$LO$10-1]$

On March $1,2024,$ Beldon Corporation purchased land as a factory site for $$65,000.$ 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$ $6,500$Architect$$s fees $($for new building$)17,000$Legal fees for title investigation of land$4,500$Property taxes on land $($for period beginning March $1,2024)3,500$Construction costs$550,000$Interest on construction loan$7,500$

Salvaged materials resulting from the demolition of the old building were sold for $$2,500.$

Required:

Determine the amounts that Beldon should capitalize as the cost of the land and the new building.