A Company Needed a New Building Prepare a Single Journal Entry to Record the Above Costs

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 building for $960,000 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:
$$\begin{array} { l l } \text { Construction cost of new building } & \$ 8,900,000 \\\text { Cost for parking lot } & \$ 260,000 \\\text { Denolition of old building } & 200,000 \\\text { Proceeds fron sale of salvaged materials from old building } & 70,000\end{array}$$
Prepare a single journal entry to record the above costs assuming all transactions are paid in cash.

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\[\begin{array} { l l }
\text { Land } ...

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