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Prepare a single journal entry to record costs incurred

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Cala Manufacturing purchases land for $401,000 as part of its plans to build a new plant. The company pays $31,100 to tear down an old building on the lot and $45,974 to fill and level the lot. It also pays construction costs $1,762,400 for the new building and $111,248 for lighting and paving a parking area.

Problem 1: Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.

Reference no: EM132957959

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