cerner manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant.

cerner manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. the negotiated price is $225,000 for the lot plus $120,000 for the old building. The company pays $34,500 to tear down the old building and $51,000 to fill and level the lot. It also pays a total of $1,440,000 in construction costs – this amount consists of $1,354,500 for th enew building and $85,500 for lighting and paving a parking area next to the building. Prepare a single journal entry to record these costs incurred by Cerner, all of which are paid in cash.

SOLUTION:Journal Entry in the books of Cerner ManufacturingParticularsBuildingLand ImprovementsCash(Construction of building.) Debit Credit $1,699,500.00$171,000.00$1,870,500.00

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