Friendly Pet Care Clinic paid $$130,000$ for a group purchase of land, building, and equipment. At the time of

the acquisition, the land had a fair value of $$70,000,$ the building $$56,000,$ and the equipment $$14,000.$

Journalize the lump$-$sum purchase of the three assets for a total cost of $$130,000,$ the amount for which the

business signed a note payable. $($Record a single compound journal entry. Record debits first, then credits.

Select the explanation on the last line of the journal entry table.$)$

Accumulated Depreciation$-$Equipment

Building

Cash

Depreciation Expense$$Building

Depreciation Expense$-$Equipment

Equipment

Gain on Disposal

Land

Loss on Disposal

Notes Payable