Cala Manufacturing purchases land for $337,000 as part of its plans to build a new...
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Accounting
Cala Manufacturing purchases land for $337,000 as part of its plans to build a new plant. The company pays $33,200 to tear down an old building on the lot and $49,078 to fill and level the lot. It also pays construction costs of $1,441,700 for the new building and $91,004 for lighting and paving a parking area.
Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.
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