For the year ended December 31, 2018, Sunland 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 $11million, paying $ 275,000 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 $ 1million and $ 107,100 respectively. The old building will be demolished and a new apartment building will be constructed on the site. 9 Paidlegal fees of $ 19,970 on the real estate purchase of February 7 15 Paid S 55,060 todemolish the old building and make the land ready for the construction of the apartment building. 16 Received $15,910 from the sale of material from the demolished building. 28 Paid $4,000 to grade the land in preparation for the construction of the apartment building Mar. 2 Paid architect fees of $ 77,910 to design the apartment building July 2 The full cost for construction of the apartment building was S 24million Paid S 743,950 cash and signed abankloan payable for the balance Purchased a one-year insurance policy on the finished building for $ 9.420. Aug 29 Paid S49,850 for the paving of sidewalks and a parking lot for the building. 3