Greer Manufacturing purchases property that includes land, buildings and equipment for $5.3 million. The company pays $182,000 in legal fees, $217,000 in commissions, and $109,000 in appraisal fees. The land is estimated at 24%, the buildings are at 42%, and the equipment at 34% of the property value. Required:

1. Determine the total acquisition cost of this "basket purchase".
2. Allocate the total acquisition cost to the individual assets acquired.
3. Prepare the journal entry to record the purchase assuming that the company paid 40% of the amounts using cash and signed a note (due in five years) for the remainder.