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

The$$Pacific Corporation purchased land as a factory site for $$70,000.$ Prior to construction of the new building, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed below:

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Land clearing costs$$3,000$Sale of firewood to a worker$(600)$Architect fees $($for new building$)10,000$Title investigation of land$1,500$Property taxes on land $($for the first year$)1,000$Building construction costs$200,000$

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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.$)$

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