For any computations please show how you arrived at the answer. This will help me greatly with understanding the process as well as how the journal entries should look. Thank you!

3. On December 1, 2020, Cascade Company purchased several assets of Eugene Shoes Inc., a small shoe manufacturer whose owner was retiring. The purchase amounted to $320,000 cash and included the assets listed below. Cascade Company engaged the services of Tennyson Appraisal Inc., an independent appraiser, to determine the fair values of the assets which are also presented below. The appraisal cost was $3,000. Prepare the journal entry for acquisition of the assets by Cascade. Asset Inventory Land Buildings Estimated Fair Value $60,000 $ 35,000 $ 250,000