Crane Company purchased a company on November 11, 2014, paying $1,150,000 for assets with the following fair

Question:

Crane Company purchased a company on November 11, 2014, paying $1,150,000 for assets with the following fair values:
Asset Fair Value
Land ................ $ 200,000
Buildings .............. 350,000
Factory equipment ......... 550,000
Office equipment .......... 150,000
Total ............... $1,250,000
Prepare the journal entry for the lump-sum purchase