on march 31 2014 kornet investments paid 4480000 for a tract of land and two buildings on it the plan was to demolish building 1

Required
1. Prepare a schedule having the following column headings: Land, Building 2, Building 3, Land Improvements 1, and Land Improvements 2. Allocate the costs incurred by Kornet to the appropriate columns and total each column.
2. Prepare a single journal entry dated March 31, 2014, to record all the incurred costs, assuming they were paid in cash on that date.