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5 Question 4 (11 points) For the year ended December 31, 2021, GH 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 $300,000 cash and signing, a mortgage payable for the balance. The site had an old building on it and the fair values of the land and building were $1 million and $100,000, respectively. The old building will be demolished and a new apartment building will be constructed on the site. 9 Paid legal fees of $22,000 on the real estate purchase of February 7 15 Paid $60,000 to demolish the old building and make the land ready for the construction of the apartment building. 16 Received $16,000 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. Record the journal entries for the above transactions: Format B 1 UA Entry Date Account Debits Credits Example Account $xxxxxx Account 15 Paid $60,000 to demolish the old building and make the land ready for the construction of the apartment building, 16 Received $16,000 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. Record the journal entries for the above transactions Format I us + Entry Date Account 1 Debits Credits Example Account $XXXXXX Account $xxxxxx Feb 5 M