Required information [The follow information applies to the questions displayed below.] Bridge City Consulting bought a building and the land on which it is located for $130,000 cash-The land is estimated to represent 50 percent of the purchase price. The company paid $20,000 for building renovations before it was ready for use. Required: 2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and they occurred at the start of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record all expenditures for the land and buildings assuming all transactions were paid for with cash and occurred at the start of the year. Note: Enter dbits before credits. Transaction General Journal Debit Credit I 1 Land Buildings 65,000 65,000 Cash 13,000