Freeman Company purchased a tract of land on which is located a warehouse and a building. The cash purchase price was $364,000 plus $26,000 in fees connected with the purchase. The following information relates to the property.

Recording a Lump-Sum Acquisition Freeman Company purchased a tract of land on which is located a warehouse and a building. The cash purchase price was $36 The following information relates to the property. Prepare the journal entry to record this purchase. in which is located a wareh