On March 31, 2020, Capital Investment Advisers paid $4,650,000 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 $889,390. A lighted parking lot near Building 2 had Improvements (Land Improvements 1) valued at $608,530. Without considering the buildings or improvements, the tract of land was estimated to have a value of $3,183,080. 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) 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 $ $ 727,160 276,020 2,484,000 256,200 Building 2 Building 3 Land Land Improvements 1 Improvements 2 $ 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 General Journal Debit Credit Mar 31 Record entry Clear entry View general journal >