On December 31, the company, a lessee, purchased some machinery that it had been leasing under a capital lease arrangement. The leased asset and lease liability were originally recorded at $500,000. At the time of the purchase, the accumulated amortization on the leased asset was $200,000, and the remaining balance of the lease liability was $325,000. The leased asset was purchased for $360,000 cash. Make the necessary journal entry on the books of the lessee.