Backstreets Co. recently acquired all of Jungleland Inc.s net assets in a business acquisition. The cash purchase price was $9.7 million. Junglelands assets and liabilities had the following appraised values immediately prior to the acquisition: land, $3.1 million; buildings, $4.8 million; inventory, $3.6 million; long-term notes payable, for which Backstreets Co. assumes payment responsibilities, $2.9 million.