On April 14, 2017, Orchid Company, a new Thai Restaurant, purchased land and a building for a total price of $540,000, paying cash of $85,000 and borrowing the balance from the bank. The bank appraised the land at $320,000 and the building at $180,000. Complete the following table and prepare the entry to record the purchase.

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PPE Item Land Building Totals (a) Appraised Values (b) Ratio of Individual Appraised Value to Total Appraised Value (a) + Total Appralsed Value (C) Cost Allocation (b) x Total Actual Cost