Bell Incorporated (BI) purchased a group of assets together from one of their competitors whose owner had recently decided to retire and stop operations. BI paid $ 500,000 for land, building, equipment, and a patent. Independent appraisals had been completed on all assets prior to the sale. These appraisals indicated the following fair values for the assets:

Land ................$ 250,000;

Building ..............$ 225,000;

Equipment............. $ 75,000,

And patent .............$ 50,000.

Required:

Give the entry to record the purchase; show computations.