During 2015, Mongo bought land with a building across the street. The purchased price was $350,000 for the land and building. Mongo intends to build a new building on the land and demolish the old building across the street. The cost of demolishing was $30,000 and they were able to recoupe $10,000 of these costs by selling the scrap to a recycler. 1. How should this be accounted for 2. What are the journal entries