A company needed a new building. It found a suitable location with an existing old building on the land. The company reached an agreement to buy the land and the old building for $$946,000$ cash. The old building was demolished to make way for the needed new building. 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.

Journal entry worksheet

A

Record the costs assuming all transactions are paid in cash.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$