During 2020, SE purchased a group of assets for $1.1 million. The assets included land with an appraised value of $800,000, equipment with an appraised value of $150,000, and a building with an appraised value of $600,000. SE recorded this transaction by debiting land for $800,000, equipment for $100,000 and building for $200,000. The equipment is being depreciated over seven years and the building over 20 years.

Prepare the journal entry under ASPE framework