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 building for $960,000 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: 
Prepare a single journal entry to record the above costs assuming all transactions are paid in cash.
Definitions:
Access
Microsoft's database management solution that merges the relational functionalities of the Microsoft Jet Database Engine with a user-friendly graphical interface and development tools for software.
Linked Table
A table in a database that maintains a live connection to data in another source, allowing real-time updates and queries.
Mail Merge
A process in word processing applications that involves combining a standard document with a data source to produce personalized documents.
Access
A Microsoft-developed database management system that integrates the Microsoft Jet Database Engine's relational capabilities with graphical user interface and tools for software development.
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