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Cala Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. The negotiated

Cala Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. The negotiated purchase price is $278,000 for the lot plus $173,000 for the old building. The company pays $41,600 to tear down the old building and $61,496 to fill and level the lot. It also pays a total of $1,626,366 in construction coststhis amount consists of $1,529,800 for the new building and $96,566 for lighting and paving a parking area next to the building. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.

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