Exercise $10-2($Algo$)$ Recording costs of assets LO C$1$

Cala Manufacturing purchases land for $$467,000$ as part of its plans to build a new plant. The company pays $$26,800$ to tear down an old building on the lot and $$39,617$ to fill and level the lot. It also pays construction costs of $$1,498,600$ for the new building and $$94,596$ for lighting and paving a parking area.

Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.

Journal entry worksheet

A

Record the total costs of the plant assets.

Note: Enter debits before credits.

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