On March 1, 2021, Beldon Corporation purchased land as a factory site for $74,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021, Costs incurred during this period are listed below. Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning March 1, 2021) Construction costs Interest on construction loan Cost of Land Cost of New Building Salvaged materials resulting from the demolition of the old building were sold for $3,400. Required: Determine the amounts that Beldon should capitalize as the cost of the land and the new building. Complete this question by entering your answers in the tabs below. Capitalized cost of land: Purchase price Demolition of old building Determine the amounts that Beldon should capitalize as the cost of the land. (Amounts to be deducted should be indicated with a minus sign.) Sale of materials Legal fees for title investigation Total cost of land $ S $ 6,000 13,000 2,500 4,400 74,000 6,000 640,000 7,000 5 80,000