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 $1,350,000 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: Required: 1) Prepare a single journal entry to record the above costs assuming all transactions are paid in cash. 2) Using your value of the building asset from requirement 1, compute depreciation for the new building assuming $30,000 salvage value and a useful life of 30 years using straight-line depreciation