XYZ Co needed a new building, and found a suitable piece of land which had an old building on it. The Co made an agreement to buy the land and the building for $960,000 cash. The old building was demolished to make way for the new building. Cost of demolition of old building is $350,000 and proceeds from salvage material is $20,000. Prepare a single journal entry to record the above costs (assume all paid cash).