A. Vijay Inc. purchased a three-acre tract of land for a building site for $250,000. On the land was a building with an appraised value of $117,000. The company demolished the old building at a cost of $12,800, but was able to sell scrap from the building for $1,630. The cost of title insurance was $980 and attorney fees for reviewing the contract were $580. Property taxes paid were $3,300, of which $270 covered the period subsequent to the purchase date. The capitalized cost of the land is?

B.

Watson Company purchased assets of Holmes Ltd. at auction for $1,310,000. An independent appraisal of the fair value of the assets acquired is listed below:

Land	$	288,000
Building		360,000
Equipment		576,000
Inventories		216,000

Required: Prepare the journal entry to record the purchase of the assets. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Transaction	General Journal	Debit	Credit
1