HW Score: 2 86%, 0 2 of 7 pts Score: 0.2 of 1 pt BE11-2 (similar to) Question Help On January 2 of the current year, Radcliffe, Inc. acquired land for $2,300,000 to be used to construct a new service and repair orter. The closing costs amounted to $80,000 and Vaughn paid $22,000 for the current periods property taxes. There was an existing structure on the land that had been abandoned for several years Vaughan agreed to remove the building and dispose of any scrap materials. The demo n cost $62,000 and the company was required to pay $14,100 to remove the debris Vaughn was able to sell scrap materials for Read the requirements The cost of the land is $ 2.452.000 and the costs charged to expense related to the soutons S 22000 Requirement b. Prepare the journal entries necessary to record the amount of costs capitained and the cost charged to expense led to the property's acquisition. Assume that all expenditures were made in Cash (Record de first the credits Exclude explanations from any ournal ontos ) First record a journal entry for the amount of costs capitaled. Do not record the costs charged to expense related to the property's acquisition. We will do that in the next step Account Current Year