On April 1, 2023, Ebony Company paid $650,000 for land, building, and equipment in a lump-sum purchase. An appraisal that cost Ebony $25,000 reveal fair market value of $200,000 for land, $500,000 for building, and $150,000 for the equipment. REQUIRED: Prepare the necessary entry to properly record the transaction.

On April 1, 2023, Ebony Company paid $650,000 for land, building, and equipment in a lump-sum purchase. An appraisal that cost Ebony $25,000 reveal fair market value of $200,000 for land, $500,000 for building, and $150,000 for the equipment. REQUIRED: Prepare the necessary entry to properly record the transaction