Cypress Fabrics Co. needed a new building, and found a suitable piece of land which had an old building on it. Cypress made an agreement to buy the land and the building for $960,000 cash. The old building was demolished to make way for the new building. The following is information regarding the demolishing of the old building and construction of the new one: Cost of construction of new building including $660,000 for a parking $9,060,000 lot Demolition of old building 309,000 Proceeds from sales of salvaged materials from old building 202,000 Required: Prepare a single journal entry to record the above costs (assume cash is paid for all the transactions).