Required information [The following information applies to the questions displayed below.] Bridge City Consulting bought a building and the land on which it is located for $165,000 cash. The land is estimated to represent 50 percent of the purchase price. The company paid $30,000 for building renovations before it was ready for use. Required: 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.)