Cumpany needed a new building It found a suitable location

Last updated: 12/18/2023

Cumpany needed a new building It found a suitable location with an existing old building on the land The company reached a agreement to buy the land and the old building for 929 000 cash The old building was demolished to make way for the needec new building Following is information regarding the demolition of the old building and construction of the new one Construction cost of new building Cost for parking lot Demolition of old building Prepare a single journal entry to record the above costs assuming all transactions are paid in cash View transaction list View journal entry worksheet No A Transaction 1 Building Land Land improvements Cash 8 906 000 336 000 236 000 General Journal Debit 8 906 000 Credit