Problem 9-2A a-b For the year ended December 31, 2018, Ivanhoe Ltd. had the following transactions related to the purchase of property. Assume all transactions are for cash unless otherwise stated. Feb. 7 Purchased real estate for $1 million, paying $277,600 cash and signing a mortgage payable for the balance. The site had an old building on it and the current values of the land and building were $0.9 million and $104,700, respectively. The old building will be demolished and a new apartment building will be constructed on the site. Pald legal fees of $21,900 on the real estate purchase of February 7. Pald $59,610 to demolish the old building and make the land ready for the construction of the apartment building. Received $16,140 from the sale of material from the demolished building Paid $4,000 to grade the land in preparation for the construction of the apartment building. Paid architect fees of $78,650 to design the apartment building. The full cost for construction of the apartment building was $2.6 million. Paid $710,010 cash and signed a bank loan payable for the balance Purchased a one-year insurance policy on the finished building for $9,230. Paid $49,980 for the paving of sidewalks and a parking lot for the building, 15 16 28 Mar. 2 July 2 3 Aug. 29 Y Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no antry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Da Credit Determine the cost of the land, land improvements, and building that will appear on Ivanhoe's December 31 statement of financial position $ Land Land improvements Buildinae