Exercise 8-2 Recording costs of assets LO C1 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 $238,000 for the lot plus $133,000 for the old building. The company pays $35,000 to tear down the old building and $51,739 to fill and level the lot. It also pays a total of $1,506,658 in construction coststhis amount consists of $1,417,200 for the new building and $89,458 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.