Hughes Co. bought a building and the land on which it is located for a total cash price of $178,000. The co. paid transfer costs of $2,000. Renovation costs on the building were $21,200. An independent appraiser provided market values for the building, $158,384, and land, $50,016. Apportion the cost of the property on the basis of the appraised values. Show computations. Give the J/E to record the purchase of the property, including all expenditures.