Assets Cash Liabilities $55,000 Current Liabilities $60,000 Accounts Receivable $30,000 Common Stock $200,000 Inventory $70,000 Retained Earnings $125,000 Land $30,000 Building $200,000 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