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 old building for $$993,000$ 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.

$\backslash$table$[[$Construction cost of new building,$$8,965,000$