Greer Manufacturing purchases property that includes land, buildings and equipment for $$4\mathrm{.}9$ million. The company pays $$177,000$ in legal fees, $$226,000$ in commissions, and $$108,000$ in appraisal fees. The land is estimated at $30\%,$ the buildings are at $44\%,$ and the equipment at $26\%$ of the property value.

Required:

Determine the total acquisition cost of this "basket purchase".

Allocate the total acquisition cost to the individual assets acquired.

Prepare the journal entry to record the purchase assuming that the company paid $50\%$ of the amounts using cash and signed a note $($due in five years$)$ for the remainder.