On March $31,2023,$ Capital Investment Advisers paid $$4,520,000$ for land with two buildings on it$.$ The plan was to demolish Building $1$ and build a new store $($Building $3)$ in its place. Building $2$ was to be used as a company office and was appraised at a value of $$1,052,250.$ A lighted parking lot near Building $2$ had improvements $($Land Improvements $1)$ valued at $$549,000.$ Without considering the buildings or improvements, the tract of land was estimated to have a value of $$2,973,750.$ Capital incurred the following additional costs:

Cost to demolish Building $1$ $ $688,160$

Cost of additional landscaping $269,520$

Cost to construct new building $($Building $3)3,234,400$

Cost of new land improvements near Building $2($Land Improvements $2)253,600$

Required:

$1.$ Allocate the costs incurred by Capital to the appropriate columns and total each column.

$2.$ Prepare a single journal entry dated March $31,2023,$ to record all the incurred costs, assuming they were paid in cash on that date.