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 $247,000 for the lot plus $142,000 for the old building. The company pays $30,000 to tear down the old building and $44,348 to fill and level the lot. It also pays a total of $1,697,276 in construction costs-this amount consists of $1.596.500 for the new building and $100,776 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. View transaction list Journal entry worksheet