Bell Inc. (B) purchased a group of assets together from one of its competitors whose owner had recently decided to retire and stop operations Bl paid $540,000 for land, building, equipment, and a patent. Independent appraisals had been completed on all assets prior to the sale. These appraisals indicated the following fair values for the assets: land $329,000, building $175.000, equipment $126,000, and patent $70,000. Required: Prepare the journal entry to record the purchase. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your percentages to 1 decimal place.) View transaction list Journal entry worksheet 1 Record the purchase of assets. Noter Enter debita before credits Transaction General Journal Debit Credit View transaction list Journal entry worksheet 1 Record the purchase of assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal