Question: On January 1 2014 Bona Vista Co purchased land a
On January 1, 2014, Bona Vista Co. purchased land, a building, equipment, and tools for a total price of $4,320,000, paying cash of $1,104,000 and borrowing the balance from the bank. The bank appraiser valued the assets as follows: $1,152,000 for the land; $1,344,000 for the building; $998,400 for the equipment; and $345,600 for the tools. Prepare the entry to record the purchase.
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