Explanation on how to achieve the numbers 480,000 , 420,000 , and 300,000

# 4 Required: Journalize the following transactions for the Suchuck Ladder Company: July 1st Purchased Land, Building and Equipment for $1,200,000 by paying $200,000 cash and signing a 1 year promissory note at 8% for the balance. An appraisal showed the market value of the Land as $560,000, the building as $490,000, and the equipment as $350,000. July 1 Land Building Equipment Cash Note payable 480,000 420,000 300,000 200,000 1,000,000 Land Building Equipment 560,000 490,000 350,000 1,400,000 purchase price 40% 1,200,000 35% 1,200,000 25% 1,200,000 100% 480,000 420,000 300,000 1,200,000