Brigadoon Consulting bought a building and the land on which it is located for $186,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $26,000 for building renovations before it was ready for use. Required: 1. The renovation costs should be capitalized. True False 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.)