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Prepare the entry to record the purchase

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Question - On January 1, 2020, Bona Vista Co. purchased land, a building, equipment, and tools for a total price of $5,020,000, paying cash of $1,244,000 and borrowing the balance from the bank. The bank appraiser valued the assets as follows: $1,313,400 for the land; $1,432,800 for the building; $1,074,600 for the equipment; and $159,200 for the tools. Prepare the entry to record the purchase.

Reference no: EM132514032

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