Bridge City Consulting bought a building and the land on which it is located for $$170,000$ cash. The land is estimated to represent $50$ percent of the purchase price. The company paid $$8,000$ for building renovations before it was ready for use.

E$9-2($Algo$)$ Part $2$

Required:

Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and they occurred at the start of the year. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$