On the first day of the year, China Express purchased land for $71,000. Prior to construction of the new building, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed below:



Land clearing costs $3,100
Sale of firewood to a worker (590)
Architect fees (for new building) 11,000
Title investigation of land 1,600
Property taxes on land (for the first year) 1,100
Building construction costs 210,000


Required:

Determine the amounts that the company should record in the Land and the Building accounts.