Problem 9-2A (Part Level Submission) For the year ended December 31, 2015, Westlake 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 $562,700, paying $152,100 cash and signing a mortgage payable for the balance. The site had an old building on it and the fair values of the land and building were $498,800 and $63,900, respectively. The old building will be demolished and a new apartment building will be constructed on the site. 9 Paid legal fees of $10,270 on the real estate purchase of February 7, 15 Paid $28,500 to demolish the old building and make the land ready for the construction of the apartment building 17 Received $8,100 from the sale of material from the demolished building 28 Paid $2,000 to grade the land in preparation for the construction of the apartment building Paid architect fees of $36,910 to design the apartment building The full cost for construction of the apartment building was $1,284,700. Paid $336,600 cash and signed a bank loan payable for the balance. Purchased a one-year insurance policy on the finished building for $6,210. Paid $25,270 for the paving of sidewalks and a parking lot for the building Mar. 2 July 2 3 Aug. 29