Lump Sum Purchase On March 1, Ashford Industries recently paid $800,000 cash to buy the capital assets of another company that went out of business. An independent appraiser assigned the following fair values to the assets acquired: Land $522,000 Building 378,000 Prepare the journal entry to record the acquisition. Do not round intermediate calculations and record all final answers to the nearest dollar when required. READ: The account names have not been indented on purpose. Select the account name to be included in the journal entry, choose whether that account is debited or credited, and finish by entering the amount. Debits still need to come before credits. There could be spaces for an account that are unnecessary meaning the journal entry needs only four accounts or three accounts. If an account blank is not needed, select "No Entry for the Account Name blank(s), select "No Entry for the Debitor Credit blank(s), and enter "O" (a zero with no quotes) in the Amount column. For example, if you only need three accounts in the journal entry, the last Account Title blank will have "No Entry as an account name and in the Amount column Date Account Titles and Explanation Debit or Credit Amount Land Debit . Building Debit Cash => Credit . Note Payable . Credit . 5 0 ENG 232 PM 2001-02-2