Question: A company needed a new building. It found a suitable location with an existing old building on the fand. The company reached an agreement to

A company needed a new building. It found a suitable location with an existing old building on the fand. The company reached an agreement to buy the land and the old building for $941,000cash. The old building was demolished to make way for the needed new buliding. Following is information regarding the demolition of the old building and construction of the new one. Prepare a single journal entry to record the above costs assuming all transactions are paid in cash

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