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Splish Co$.$ purchased land as a factory site for $$592,000.$ The process of tearing down two old buildings on the site and constructing the factory required $6$ months.

The company paid $$62,160$ to raze the old buildings and sold salvaged lumber and brick for $$9,324.$ Legal fees of $$2,738$ were paid for title investigation and drawing the purchase contract. Splish paid $$3,256$ to an engineering firm for a land survey, and $$100,640$ for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $$2,220,$ and a liability insurance premium paid during construction was $$1,332.$ The contractor's charge for construction was $$4,055,200.$ The company paid the contractor in two installments: $$1,776,000$ at the end of $3$ months and $$2,279,200$ upon completion. Interest costs of $$251,600$ 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 Splish Co$.$ Assume that the land survey was for the building.

Cost of the Land

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Cost of the Building

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