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Shahia Company bought a building for $$79,000$ cash and the land on which it was located for $$110,000$ cash. The company paid transfer costs of $$12,000($ $$5,000$ for the building and $$7,000$ for the land$).$ Renovation costs on the building before it could be used were $$30,000.$

Required:

Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Answer is not complete.

$\backslash$table$[[$No$,$Transaction,,,Debit,Credit$],[1,$a$,$Building,$0,114,000,],[,$Cash,$x,,114,000x$