Advanced Automotive pays \($140,000\) for a group purchase of land, building, and equipment. At the time of your acquisition, the land has a market value of \($75,000\), the building \($60,000\), and the equipment $15,000.

Requirement
1. Journalize the lump-sum purchase of the 3 assets for a total cost of \($140,000\). You sign a note payable for this amount.