Problem $7-1$A $($Algo$)$ Determine the acquisition cost of land and building $($LO$7-1)$

The$$Italian Bread Company purchased land as a factory site for $$54,000.$ An old building on the property was demolished, and construction began on a new building. Costs incurred during the first year are listed as follows:

$$

Demolition of old building$ $7,400$Sale of salvaged materials$(1,100)$Architect fees $($for new building$)12,000$Legal fees $($for title investigation of land$)1,400$Property taxes on the land $($for the first year$)2,400$Building construction costs$440,000$Interest costs related to the construction$15,000$

$$

Required:

Determine the amounts that the company should record in the Land and the Building accounts. $($Amounts to be deducted should be indicated by a minus sign.$)$