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:
World Bank
A nongovernmental organization that works exclusively with the poorest nations in the international community to help them secure loans.
IMF
The International Monetary Fund, an organization aiming to promote global monetary cooperation, secure financial stability, facilitate international trade, promote high employment, and reduce poverty around the world.
Sustainable Economic Growth
Economic development that aims to meet the needs of the present without compromising the ability of future generations to meet their own needs, typically focusing on environmental, social, and economic balance.
Just War Theory
A theory for determining when a war can be considered legally and morally correct.
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