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Drum Company pays cash to purchase land with a commercial building and parking lot on it for $400,000. The land has an appraised value of

Drum Company pays cash to purchase land with a commercial building and parking lot on it for $400,000. The land has an appraised value of $150,000, the commercial building has an appraised value of $300,000 and a parking lot has an appraised value of $50,000. What journal entries should the company make to record the purchase of this property

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