On February 1, 2016, Rupport Corporation purchased a parcel of land as a factory site for $50,000. An old building on the property was demolished, and construction began on a new building that was completed on December 12, 2016. Costs incurred during this period are listed below: Legal fees for title investigation and purchase contract 5,000 Demolition of old building $ 15,000 Architect's fees
42,000 Construction costs 1,500,000 ? Rupport should record the cost of the land and the cost of the new building, respectively, as
A) $70,000 and $1,542,000
B) $50,000 and $1,562,000
C) $55,000 and $1,557,000
D) $65,000 and $1,547,000
A
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