I understand how to do the math but need help with how the journal entry should look. Do I include the appraisal cost in the journal entry? Thank you in advance.

3. On December 1, 2020, Cascade Company purchased several assets of Eugene Shoes Inc., a small shoe manufacturer whose owner was retiring. The purchase amounted to $320,000 cash and included the assets listed below. Cascade Company engaged the services of Tennyson Appraisal Inc., an independent appraiser, to determine the fair values of the assets which are also presented below. The appraisal cost was 35 $3,000. Prepare the journal entry for acquisition of the assets by Cascade 36 37 38 39 Asset Inventory Land Buildings Estimated Fair Value $60,000 $ 35,000 $ 250,000 60,000/345,000 320,000 = 55,652.17 35,000/345,000 320,000 32,463.77 250,000/345,000 320,000 = 231,884.06 40 41