5. Cala Manufacturing purchases land for $305,000 as part of its plans to build a new plant. The company pays $44,700 to tear down an old building on the lot and $66,078 to fill and level the lot. It also pays construction costs of $1,578,800 for the new building and $99,659 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.

record the total costs of the plan assets