Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,900,000. Harding paid $350,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $374,000; Building, $1,100,000 and Equipment, $726,000. What journal entry would be used to record the purchase of the above assets?

a

Land 370,000 Building 1,100,000 Equipment 760,000 Cash 2,230,000

b

Land 370,000 Building 1,100,000 Equipment 760,000 Cash 350,000 Notes payable 1,880,000

c

Land 323,000 Building 950,000 Equipment 627,000 Cash 350,000 Notes payable 1,550,000

d

Land 370,000 Building 1,100,000 Equipment 760,000 Cash 350,000 Notes payable 1,550,000 Gain on purchase of long-term assets 330,000