Question 1 For the year ended December 31, 2018, Blossom Ltd. had the following transactions related to the purchase of property. Assume all transactions are for cash unless otherwise stated. Feb. 7 9 15 16 28 Mar. 2 July 2 3 Aug. 29 Purchased real estate for $1.1 million, paying $282,400 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 $1 million and $102,000, respectively. The old building will be demolished and a new apartment building will be constructed on the site. Paid legal fees of $23,980 on the real estate purchase of February 7. Paid $55,820 to demolish the old building and make the land ready for the construction of the apartment building. Received $17,420 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 $72,990 to design the apartment building. The full cost for construction of the apartment building was $2.6 million. Paid $699,660 cash and signed a bank loan payable for the balance. Purchased a one-year insurance policy on the finished building for $10,770. Paid $49,170 for the paving of sidewalks and a parking lot for the building. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit TFeb. 7 Land | Cash 282400 | Mortgage Payable 817600 Land UTAN TEEM JUHTPULAU : 1 Cash 23980 Feb. 15 Land Cash 55820 TFeb. 16 Tcash Land 17420 Feb. 28 Land 4000 I Cash 4000 Mar. 2 Buildings | Cash 72990 July 2 Buildings 0000|| Cash 699,660 Bank Loan Payable T 1900340 Prepaid Insurance 10770|| Cash 10770 Aug. 29 Land Improvements 49170 Cash 49170 Determine the cost of the land, land improvements, and building that will appear on Crane's December 31 statement of financial position. Land Land improvements $ Buildings