On March $31,2023,$ Capital Investment Advisers paid $$4,510,000$ for land with two buildings on it$.$ The plan was to demolish Building $1$ and build a new store $($Building $3)$ in its place. Building $2$ was to be used as a company office and was appraised at a value of $$1,166,750.$ A lighted parking lot near Building $2$ had improvements $($Land Improvements $1)$ valued at $$653,380.$ Without considering the buildings or improvements, the tract of land was estimated to have a value of $$2,846,870.$ Capital incurred the following additional costs:

Cost to demolish Building $1$

Cost of additional landscaping

Cost to construct new building $($Building $3)$

Cost of new land improvements near Building $2($Land Improvements $2)$

$$685,160$

$269,020$

$2,470,000$

$253,400$

Required:

Allocate the costs incurred by Capital to the appropriate columns and total each column.

$\backslash$table$[[,$Land,Building $2,$Building $3,\backslash$table$[[$Land$],[$Improvements $1]],\backslash$table$[[$Land$],[$Improvements $2]]],[$Purchase price,,,,,$],[$Demolition$,,,,,],[$Landscaping$,,,,,],[$New building,,,,,$],[$New improvements,,,,,$],[$Totals$,$$$,,,,]]$

$11$:$10$ AM

$2.$ Prepare a single journal entry dated March $31,2023,$ to record all the incurred costs, assuming they were paid in cash on that date.

Journal entry worksheet

$1$

Record costs of plant assets.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Mar $31,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

$$

$11$:$10$ AM $/$