A company needed a new building. It found a suitable location with an existing old building on the land. The company reached anagreement to buy the land and the old building for $935,000 cash. The old building was demolished to make way for the needed newbuilding. Following is information regarding the demolition of the old building and construction of the new one.Construction cost of new buildingCost for parking lotDemolition of old buildingPrepare a single journal entry to record the above costs assuming all transactions are paid in cash.View transaction listJournal entry worksheet<ARecord the costs assuming all transactions are paid in cash.Note: Enter debits before credits.TransactionRecord entryGeneral Journal$ 8,951,000335,000275,000Clear entryDebitCreditView general journal>

Journal entries are the primary reporting of the business transactions in the books of accounts.…

A company needed a new building. It found a suitable location with an existing old building on the land. The company reached an agreement to buy the land and the old building for $935,000 cash. The old building was demolished to make way for the needed new building. Following is information regarding the demolition of the old building and construction of the new one. Construction cost of new building Cost for parking lot $ 8,951,000 335,000 275,000 Demolition of old building Prepare a single journal entry to record the above costs assuming all transactions are paid in cash.

A company needed a new building. It found a suitable location with an existing old building on the land. The company reached an agreement to buy the land and the old building for $935,000 cash. The old building was demolished to make way for the needed new building. Following is information regarding the demolition of the old building and construction of the new one. Construction cost of new building Cost for parking lot $ 8,951,000 335,000 275,000 Demolition of old building Prepare a single journal entry to record the above costs assuming all transactions are paid in cash.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 3PA: During the current year, Alanna Co. had the following transactions pertaining to its new office...

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