On April $12,2023,$ Prism Ltd$.,$ a camera lens manufacturer, paid cash of $$575,000$ for real estate plus $$31,400$ cash in closing costs. The real estate included

land appraised at $$221,040$; land improvements appraised at $$55,260$; and a building appraised at $$337,700.$

$($a$)$

Appraised

PPE Asset

$($b$)$

Ratio of Individual Appraised Value to

Total Appraised Value

$($a$)+$ Total Appraised Value

$($c$)$

Cost Allocation

$($b$)$ Total Actual Cost

Present the journal entry to record the purchase. $($Do not round intermediate calculations. Round the final answers to the nearest whole dollar.$)$

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