After planning to build a new plant. Kallisto Backpack Manufacturing purchased a large lot on which a small building was

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After Planning To Build A New Plant Kallisto Backpack Manufacturing Purchased A Large Lot On Which A Small Building Was 1 (19.3 KiB) Viewed 34 times

After planning to build a new plant. Kallisto Backpack Manufacturing purchased a large lot on which a small building was located. The negotiated purchase price for this real estate was $1,850,000 for the lot plus $610,000 for the building. The company paid $88,000 to have the old building torn down and $118.000 for levelling the lot. Finally, it paid $3,530,000 in construction costs, which included the cost of a new building plus $228,000 for lighting and paving a parking lot next to the building. Present a single journal entry to record the costs incurred by Kallisto, all of which were paid in cash (assume a date of March 10, 2020, for your entry)