On March 31, 2020, Capital Investment Advisers paid $4,640,000 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 $936,000. A lighted parking lot near Building 2 had improvements (Land Improvements 1) valued at $608,400. Without considering the buildings or improvements, the tract of land was estimated to have a value of $3,135,600. Capital incurred the following additional costs: Cost to demolish Building 11 Cost of additional landscaping Cost to construct new building (Building 3) Cost of new land improvements near Building 2 (Land Improvements 2) Required: 1. Allocate the costs incurred by Capital to the appropriate columns and total each column Purchase price Demolition Landscaping New building New improvements Totals Land Building 2 Building 3 $724,160 275,520 3,246,400 256,000 Land Land Improvements 1 Improvements 2 S 0 $ 0 $ 05 10 10 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 Journal entry worksheet 1 Record costs of plant assets. Note: Enter debits before credits. Date Mar 31 General Journal Debit Credit