Accounting for the Acquisition of Assets—Basket Purchase Sealise Corporation purchased land, a building, and equipment for a total cost of $450,000.

After the purchase, the property was appraised. Fair market values were determined to be

$120,000 for the land, $280,000 for the building, and $80,000 for the equipment. Given these appraisals, record the purchase of the property by Sealise Corporation.