Accounting Question HELP!

Schwartzkopf Co. purchased property that included both land and a building to be used in operations. Schwartzkopf paid $2,200,000 for the property. The seller's book value was $300,000 for the land and $900,000 for the building. By appraisal, the fair value was estimated to be $500,000 for the land and $2,000,000 for the building. Journalize the purchase by allocating the purchase price using the relative sales value method. Date Account Debit Credit MM/DD/YY Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land, $60,000; building, $220,000; and equipment, $80,000. Journalize the purchase using the relative sales value method. Date Account Debit Credit MM/DD/YY 6 of 9 Chapter 10 Homework - PPE Acquisitions