During the current year, Rykard Co. had the following transactions pertaining to its new office building: Purchase price of land $120,000 Legal fees for contracts to purchase land 4,000 Architect's fees 16,000 Demolition of the old building on site 10,000 Sale of scrap from old building 6,000 Construction costs (fully completed) 700,000 In Rykard's current year balance sheet dated December 31, what amounts should be reported as the cost of the land and the cost of the building