E6.5 On January 15, 20X7, Davis Fashions Co. paid $1,000,000 ($400,000 down payment and a note payable for the balance) to acquire the following assets from a competitor that was going out of business: Fair Market Value @ Purchase Date Land $110,000 Building 600,000 Equipment 260,000 Inventory 80,000 Prepare the journal entry to record the purchase of these assets