Cala Manufacturing purchases land for $387,000 as part of its plans to build a new plant. The company pays $40,200 to tear down an old building on the lot and $59,426 to fill and level the lot. It also pays construction costs $1,778,500 for the new building and
$112,264 for lighting and paving a parking area.
Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.
View transaction list
View journal entry worksheet
®
General Journal
No
IA
Transaction
1
Debit
Credit
Land
Land improvements
Building
Cash
387,000
59,426
1,778,500

Choose the best term for each definitionexpense, liability, monetary asset, statement of financial position, tangible asset, net worth, market value, investment asset, income, assetitems of monetary value a person or household ownsmoney spentmoney receivedfinancial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the futurea debt or obligation owed to othersthe amount you could realistically sell an asset forassets that can be quickly and easily converted into casha measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to othersa financial statement that describes an individual or family's financial condition on a specified date by showing assets, liabilities, and net worthpersonal property that was purchased to create a lifestyle or improve your life

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