TB MC Qu$.08-41($Algo$)$ Harding Corporation acquired real estate...

Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $$2,280,000.$ Harding paid $$665,000$ and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $$703,000$; Building, $$2,090,000$ and Equipment, $$1,387,000.$

What journal entry would be used to record the purchase of the above assets? $($Do not round intermediate calculations.$)$

Multiple Choice

Account Title Debit Credit

Land $700,000$

Building $2,090,000$

Equipment $1,420,000$

Cash $4,210,000$

Account Title Debit Credit

Land $700,000$

Building $2,090,000$

Equipment $1,420,000$

Cash $665,000$

Notes payable $3,545,000$

Account Title Debit Credit

Land $383,455$

Building $1,140,000$

Equipment $756,545$

Cash $665,000$

Notes payable $1,615,000$

Account Title Debit Credit

Land $700,000$

Building $2,090,000$

Equipment $1,420,000$

Cash $665,000$

Notes payable $1,615,000$

Gain on purchase of long$-$term assets $1,930,000$