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 $$74,000.$ 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:

Salvaged materials resulting from the demolition of the old building were sold for $$3,$$$50.$

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 new building.

Note: Amounts to be deducted should be indicated with a minus sign.

$\backslash$table$[[$Capitalized cost of building:,$],[$Construction costs,$$640,000$