Assets

Liabilities

Cash

$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.