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 $$59,000.$ 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:

$\backslash$table$[[$Demolition of old building,$$7,900$