A company purchased a group of assets for $500,000 that included land, a building and some equipment. The appraised values are land: $150,000; building: $350,000; equipment: $100,000. How should this transaction be recorded? Select answer from the options below a) assets should be recorded at $500,000 total; cash should be credited for $600,000, and the difference recorded as a loss on the purchase b) assets should be recorded at $600,000 total; cash should be credited for $500,000, and the difference is a gain on purchase c) the cost of the assets should be recorded individually, by prorating the $500,000 based on the $600,000 fair value of the assets d) the cost of the assets should be recorded together in one account for $500,000