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Question 7 On February 1, 2020, Nelson Corporation purchased a parcel of land as a...

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Question 7 On February 1, 2020, Nelson Corporation purchased a parcel of land as a factory site for $320000. 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: $ 20000 Demolition of old building Architect's fees 35000 Legal fees for title investigation and purchase contract 5000 Construction costs 1390000 (Salvaged materials resulting from demolition were sold for $10000.) Nelson should record the cost of the land and new building, respectively, as $335000 and $1425000. a. b. $345000 and $1415000. $330000 and $1430000. C. d. $330000 and $1425000

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