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:
Will Cook Supper
Indicates an action someone is intending to perform in the context of preparing the evening meal.
Someone Will Eat
An example of a statement or proposition expressing an action to be performed by an unspecified individual.
Conclusion
The conclusion that is logically derived from the given premises in a discussion.
Symbolic Functioning
The ability to use symbols, words, or objects to represent something that is not physically present, typically emerging in children during the preoperational stage of cognitive development.
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