Question 8 of 8 < View Policies -/1 E : Current Attempt in Progress For the year ended December 31, 2021, Sheridan 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 $1.2 million, paying $313,700 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 $1.0 million and $103,800, respectively. The old building will be demolished and a new apartment building will be constructed on the site. Paid legal fees of $23,670 on the real estate purchase of February 7. Paid $56,750 to demolish the old building and make the land ready for the construction of the apartment building. Received $15,020 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 $71,780 to design the apartment building. The full cost for construction of the apartment building was $2.7 million. Paid $637,020 cash and signed a bank loan payable for the balance. Purchased a one-year insurance policy on the finished building for $10,380. Paid $45,360 for the paving of sidewalks and a parking lot for the building. (a) Record the above transactions. (List all debit entries before credit entries. 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 4