Simpson and Homer Corporation acquired an office building on three acres of land for a lump-sum price of $2,400,000. According to independent appraisals, the fair values were $1,300,000, $780,000, and $520,000 for the building, land, and furniture and fixtures, respectively.

Required:

Prepare the journal entry required in proper format to record the purchase of the assets (show all calculations for partial credit review).