During the current year, Bear Company had the following transactions pertaining to a new office building: Purchase price of land- 600,000 Legal fees for contract to purchase land- 20,000 Architect fee...

During the current year, Bear Company had the following transactions pertaining to a new office building:
Purchase price of land- 600,000
Legal fees for contract to purchase land- 20,000
Architect fee -80,000
Demolition of old building on site to make room
for construction of new building -50,000
Sale of scrap from old building -30,000
Construction cost of new building fully completed -3,500,000
1. What amount should be reported as cost of land?


2. What amount should be reported as cost of building?