Purchased an existing factory building with the surrounding land for $ 24,700,000 cash. Stamp duty was at 10% of the purchase price, estate agent commission was 1% of the purchase price, and $30,000 had to be spent to remove the debris and abandoned structures found on the estate. The company borrowed a7%, 5- year,$10,000,000 note to finance this acquisition and paid the remaining costs in cash. AN APPRAISAL OF THE LAND AT THE TIME of purchase indicated that the market value of the land was $20,000,000 and the market value of the building was $10,000,000. Land has an indefinite useful life whereas the building is expected to have a useful life of 20 years. Residual value for building is estimated to be $1,000,000. The building is to be depreciated using the straight method. Pass journal entries.