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Crane Co$.$ purchased land as a factory site for $$408,000.$ The process of tearing down two old buildings

on the site and constructing the factory required $6$ months.

The company paid $$42,840$ to raze the old buildings and sold salvaged lumber and brick for $$6,426.$

Legal fees of $$1,887$ were paid for title investigation and drawing the purchase contract. Crane paid

$$2,244$ to an engineering firm for a land survey, and $$69,360$ for drawing the factory plans. The land

survey had to be made before definitive plans could be drawn. Title insurance on the property cost

$$1,530,$ and a liability insurance premium paid during construction was $$918.$ The contractor's charge

for construction was $$2,794,800.$ The company paid the contractor in two installments: $$1,224,000$ at

the end of $3$ months and $$1,570,800$ upon completion. Interest costs of $$173,400$ were incurred to

finance the construction.

Determine the cost of the land and the cost of the building as they should be recorded on the books of

Crane Co$.$ Assume that the land survey was for the building.

Cost of the Land

$

Cost of the Building

$$