On March 31, 2020, Capital Investment Advisers paid $4,580,000 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 $1,075,020. A lighted parking lot near Building 2 had improvements (Land Improvements 1) valued at $607,620. Without considering the buildings or improvements, the tract of land was estimated to have a value of $2,991,360. Capital incurred the following additional costs: Cost to demolish Building 1 Cost of additional landscaping Cost to construct new building (Building 3) Cost of new land improvements near Building 2 (Land Improvements 2) $ 706,160 272,520 3,240,400 254,800 Required: 1. Allocate the costs incurred by Capital to the appropriate columns and total each column. Building 2 Building 3 Land 4,580,000 Land Land Improvements 1 Improvements 2 $ Purchase price Demolition Landscaping New building New improvements Totals $ 4,580,000 $ 0 $ 0 $ 0 $ 2. Prepare a single journal entry dated March 31, 2020, to record all the incurred costs, assuming they were paid in cash on that date. View transaction list View journal entry worksheet No General Journal Debit Credit Date Mar 31 No Transaction Recorded