Suppose Emory University acquired a 20-acre parcel of land immediately adjacent to its existing facilities on January 2, 2012. The land included a warehouse, parking lots, and driveways. The university paid $800,000 cash and also gave a note for $3 million, payable at $300,000 per year plus interest of 5% on the outstanding balance.The university demolished the warehouse at a cash cost of $150,000 so it could be replaced with a new classroom building. For construction of the building, the university made a cash down payment of $3 million and gave a mortgage note of $7 million. The mortgage was payable at $250,000 per year plus interest of 5% on the outstanding balance. 1.Calculate the cost that Emory University should add to its Land account and its Building account. 2.Prepare journal entries (without explanations) to record the preceding transactions