A company purchased land on which to construct a new building for a cost of $350,000....

A company purchased land on which to construct a new building for a cost of $350,000. Additional costs incurred were:

Real estate broker's commissions…………………………. $24,500

Legal fees incurred in the purchase of the real estate………… 1,500

Landscaping……………………………………………….. 8,000

Cost to remove old house located on land…………… 3,000

Proceeds from selling materials salvaged from old house 1,000

What total dollar amount should be charged to Land and what amount should be charged to Building or other accounts? Show your work 5 points

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