Bridge City Consulting bought a building and the land on which it is located for $115,000 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.

[The following information applies to the questions displayed below] Bridge City Consulting bought a building and the land on which it is located for $115,000 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. Award: 2.01 out of 3.00 points Required: 2. 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.) Transaction General Journal Debit Credit Land 57,500 Buildings 99,000x Cash 156,500X