Shahia Company bought a building for $80,000 cash and the land on which it was located for $109,000 cash. The company paid transfer costs of $12,000 ($4,000 for the building and $8,000 for the land). Renovation costs on the building before it could be used were $32,000. Required: 1. 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.