Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid in cash. An independent appraisal valued the land at $275,625 and the communication equipment at $91,875. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit Apr. 1 land 275625 communication equipment 83125 cash 350,000 To record purchase of land and communication equipment with cash