1. Glenmore Reservoir Corporation paid $4,000,000 in a lump-sum purchase of land, a building, and equipment. The payment consisted of $1,500,000 cash and a note payable for the balance. An appraisal indicated the following fair values at the time of the purchase:

Land $ 1,600,000

Building 2,500,000

Equipment 500,000

Prepare the journal entry to record this lump-sum purchase (round all percentage calculations to two decimal places).