2. On July 1, 2024, Jekel & Hyde Inc. purchased land and incurred other costs relative to the construction of a new warehouse. In the column 'account' indicate the accounts that would be affected by the above transactions. Apply the interest on the construction loan to the cost of the building only. Account names: Land, Building Land Improvement, or Expense. A summary of economic activities is listed below: Economic Activity Purchase price Title insurance Legal fees to purchase land Cost of razing old building on lot Proceeds from sale of salvageable materials Property taxes, January 1, 2024-June 30, 2024 Cost of grading and filling building site Cost of building construction Interest on construction loan Cost of constructing driveway Cost of parking lot and fencing TOTAL SPENT Required: Prepare the summary entry for Jekel and Hyde Inc DATE ACCOUNT NAME Amount Paid $ 185,000 Account 1,500 1,000 8,500 (1,200) 3,000 9,000 620,000 12,000 8,000 12,000 $858,800 DEBIT CREDIT