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5 (6 marks) On October 31, 2021 Lynn Supply Co. made a lump sum purchase of land and a building for a total cost of

5 (6 marks) On October 31, 2021 Lynn Supply Co. made a lump sum purchase of land and a building for a total cost of $800,000 (the company paid $250,000 in cash and borrowed the remainder from the bank) Additional information is as follows: Land - appraised value of $350,000 Building appraised value of $370,000 REQUIRED: Record the journal entry for the purchase

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