Assume Jacoby, Inc. acquired a manufacturing facility from Gardner Enterprises for $2,000,000. Assume that the facility consisted of land, building, and equipment. If Jacoby had acquired the land separately, its estimated market price would be $500,000. The estimated market value of the building is $750,000. Finally, the equipment would cost $1,250,000 if purchased independently. Allocate the actual cost of $2,000,000 to the three separate assets and prepare the journal entry for the purchase, assuming that $500,000 cash was paid and the rest was financed by signing a Long-Term Notes Payable