Required information [The following information applies to the questions displayed below.] Shahia Company bought a building for $79,000 cash and the land on which it was located for $123,000 cash. The company paid transfer costs of $13,000 ( $6,000 for the building and $7,000 for the land). Renovation costs on the building before it could be used were $27,000. 1. Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions Required: 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