Assets Cash Accounts Receivable Inventory Land Building $55,000 $30,000 $70,000 $30,000 $200,000 Liabilities Current Liabilities Common Stock Retained Earnings $60,000 $200,000 $125,000 Total Assets $385,000 Total Liabilities and Equity $385,000 An independent business appraiser valued inventory at $80,000 and the land at $70,000. The purchase price of the business was for $500,000 dollars cash. Please record the purchase of the business