Problem 9-1A Real estate costs LO1 e) cel Page 738 CHECK FIGURE: 2 . Land =$3,899,980 On March 31, 2023, Capital Investment Advisers paid \$4,570,000 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 $1,074,790. A lighted parking lot near Building 2 had improvements (Land Improvements 1 ) valued at $607,490. Without considering the buildings or improvements, the tract of land was estimated to have a value of $2,990,720. Capital incurred the following additional costs: Required 1. Prepare a schedule having the following column headings: Land, Building 2, Building 3, Land Improvements 1, and Land Improvements 2. 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