Cost Scarlett Incorporated purchased a tract of land with an office building and equipment included. The cash price was $900,000 plus $50,000 in fees connected with the purchase. The following data were collected concerning the property: Appraisal Vendor's Original Value Book Value $220,000 $ 80.000 $ 80.000 Equipment 360,000 170,000 550,000 Office building 440,000 260,000 720,000 Required: Give the entry to record the purchase; show computations. Land Debit Credit