Greer Manufacturing purchases property that includes land, buildings and equipment for $4.6 million. The company pays $185,000 in legal fees, $211,000 in commissions, and $119,000 in appraisal fees. The land is estimated at 25%, the buildings are at 38%, and the equipment at 37% 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.

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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first ccount field. Enter your answers in whole dollars and not in millions.) Journal entry worksheet Record the purchase of land, buildings and equipment assuming that the company paid 40% of the amounts using cash and signed a note for the remainder (due in five years). Note: Enter debits before credits. Greer Manufacturing purchases property that includes land, buildings and equipment for $4.6 million. The company pays $185,000 in legal fees, $211,000 in commissions, and $119,000 in appraisal fees. The land is estimated at 25%, the buildings are at 38%, and the equipment at 37% of the property value. Required: a. Determine the total acquisition cost of this "basket purchase". b. Allocate the total acquisition cost to the individual assets acquired. c. Prepare the journal entry to record the purchase assuming that the company paid 40% of the amounts using cash and signed a not (due in five years) for the remainder. Complete this question by entering your answers in the tabs below. Allocate the total acquisition cost to the individual assets acquired. (Enter your answers in whole dollars and not in millions.)