Alaia Belize began construction of a new hotel on December $1,2020.$ On this date, the company purchased a parcel of land for $$260,000$ in cash. In addition, it paid $$3,000$ in surveying costs and $$7,000$ for a title insurance policy. An old dwelling on the premises was demolished at a cost of $$9,000,$ with $$2,000$ being received from the sale of materials.

Architectural plans were also formalized on December $1,2020,$ when the architect was paid $$62,000.$ The necessary building permits costing $$16,000$ were obtained from the city and paid for on December $1$ as well. The excavation work began during the first week in December with payments made to the contractor as follows:

$\backslash$table$[[$Date of Payment,Amount of Payment$],[$January $1,$$$800,000$