On March 31, 2020, Capital Investment Advisers paid $4,680,000 for land with two buildings on it. The plan was to demolish Bullding 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 $1452,040. A lighted parking lot near Building 2 had improvements (Land Improvements 1) valued at $608,920. Without considering the buildings or improvements, the tract of tand was estimated to have a value of $2,623,040. Capital incurred the following additional costs Cost to demolish Building 1 cost of additional landscaping Cost to construct new building (heilding) Cost of new land improvements near Building 2 (and Improvements 2) $ 736,160 277.520 3,250,400 256.800 Required: 1. Allocate the costs incurred by Capital to the appropriate columns and total each column. Land Building 2 Building Land Land Improvements 1 Improvements 2 Purchase price Demolition Landscaping New building New improvements Totals 5 05 0 $ os 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