of the land and building buliding for S4 million. In addition to the purchase price, Chenega made the following expenditures in connection with the purchase Title insurance $16,000 Legal fees for drawing the contract 5,000 Property taxes 36,000 State transfer fees 4,000 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.3 and 1.1 million, respectively. Property taxes included 56,000 of delinquent taxes Question Journal entries for the assets Chenega acquired in these transactions would include: . a debit to Land to $3.018,750 a debit to Bulongs tar 50 a debit to Land for 54,031,000 Odebit to Buildings for $1.007.750