Assume Elridge Inc pays $625,000 for land, building and equipment. Also assume that an appraisal value revealed that the land's market value is $75,000, the building's market value is $480,000, and the equipment's market value is $130,000. Elridge Inc got a good deal paying only $625,000 for those 3 assets while the combined market value is $685,000 1- Allocate the total purchase price to the 3 assets. 2- Record the journal entry for the transaction above