3. On May 5, 2014, Knottinghill Company purchased a property for $400,000 cash. The property included the following long-lived assets: Appraised Value Land. $220,000 Building 100,000 Equipment 100,000 Paved area. 20,000 Outdoor Lighting 10,000 $450,000 Give the journal entry to allocate the purchase price between the above assets. Round all amounts to the nearest dollar, if necessary. [4 Marks]