Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,995,000. Harding paid $560,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $592,000; Building, $1,760,000 and Equipment, $1,168,000.

What journal entry would be used to record the purchase of the above assets? (Do not round intermediate calculations.)

O O Account Title Credit Land Building Equipment Cash Debit 590,000 1 1,760,000 1,200,000 3,550,000 Credit Account Title Land Building Equipment Cash Notes payable Debit 590,000 1,760,000 1,200,000 560,000 2,990,000 Account Title Credit Land Building Equipment Cash Notes payable Debit 335,523 997,500 661,977 560,000 1,435,000 Credit Account Title Land Building Equipment Cash Notes payable Gain on purchase of long-term assets Debit 590,000 1,760,000 1,200,000 560,000 1,435,000 1,555,000