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 $250,000 for the lot plus $145,000 for the old building. The company pays $41,000 to tear down the old building and $60,609 to fill and level the lot. It also pays a total of $1,638,591 in construction costs-this amount consists of $1,541,300 for the new building and $97,291 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 1 Record the total costs of the plant assets