Johnson Incorporated purchased a tract of land with an office building and equipment included. The cash price was $900,000 plus $50,000 in fees connected with the purchase. The following data were collected concerning the property:

	Appraisal Value	Vendors Book Value	Original Cost
Land	$220,000	$ 80,000	$ 80,000
Equipment	360,000	170,000	550,000
Office building	440,000	260,000	720,000

Required:

Give the entry to record the purchase; show computations.

	Debit	Credit