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 $$957,000$ 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.Construction cost of new buildingCost for parking lotDemolition of old building$ $8,912,000305,000299,000$Prepare a single journal entry to record the above costs assuming all transactions are paid in cash.