For the year ended December 31, 2018, Oriole Ltd. had the following transactions related to the purchase of property. Assume all transactions are for cash unless otherwise stated Feb. 7 Purchased real estate for $1.1 million, paying $311,000 cash and signing a mortgage payable for the balance. The site had an old building on it and the current values of the land and building were $1 million and $101,200, respectively. The old building will be demolished and a new apartment building will be constructed on the site 9 Paid legal fees of $21,930 on the real estate purchase of February 7 Paid $62,790 to demolish the old building and make the land ready for the construction of the apartment building Received $15,920 from the sale of material from the demolished building Paid $4,000 to grade the land in preparation for the construction of the apartment building Paid architect fees of $78,740 to design the apartment building The full cost for construction of the apartment building was $2.7 million. Paid $742,570 cash and signed a bank loan payable for the balance Purchased a one-year insurance policy on the finished building for $9,380 Paid $47,840 for the paving of sidewalks and a parking lot for the building 15 16 28 Mar. 2 July 2 3 Aug. 29