3. 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: Construction cost of new building$8,900,000 Cost for parking lot$260,000 Demolition of old building200,000 Proceeds from sale of salvaged materials from old building70,000 Prepare a single journal entry to record the above costs assuming all transactions are paid in cash