On February 1, 2020, Coronado Industries purchased a parcel of land as a factory site for $321000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below: Demolition of old building $ 18200
Architect's fees 34300
Legal fees for title investigation and purchase contract 5900
Construction costs 1405000
(Salvaged materials resulting from demolition were sold for $11100.)

Coronado should record the cost of the land and new building, respectively, as