On March $1,2024,$ Beldon Corporation purchased land as a factory site for $$80,000.$ 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$ $9,000$Architect$$s fees $($for new building$)19,000$Legal fees for title investigation of land$5,500$Property taxes on land $($for period beginning March $1,2024)5,000$Construction costs$700,000$Interest on construction loan$10,000$

Salvaged materials resulting from the demolition of the old building were sold for $$4,000.$

Required:

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

X Company received an order from a customer in Y$$s state and Y received an order from a customer in X$$s state. In a transaction that lacks commercial substance, to avoid the cost and effort of shipping the equipment across the country, X and Y exchanged equipment and, essentially, X shipped to Y$$s customer and vice versa. Due to the difference in metals, however, Y paid X $$14,000$ in cash. How much profit will X Company recognize as a result of the exchange?