Brigadoon Consulting bought a buliding and the land on which it is located for $172,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $12,000 for bullding renovotions before it was ready for use. Required: 1. The renovation costs should be capitalized. False True 2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and they occurred at the start of the yeor. (it no entry is required for a transaction/event, select "No journal entry required" in the first sccount field.)