On April 1, 2023, Gold Co. bought the assets of Silver, Inc. consisting of land, a building, equipment, supplies, and inventory. The purchase price for the assets was $1,200,000. The appraised value of (1) the land was $200,000, (2) the building was $600,000, (3) the equipment was $400,000, (4) the supplies $200,000, and (5) the inventory $200,000. Gold, Co. paid Silver, Inc. $1,000,000 in cash and delivered a promissory note for $200,000. The term of the note is one year and the note bears interest at the annual rate of 6%. Gold, Co. also paid the county a transfer tax of $2,000 for the purchase of the land. Journal these transactions on the records of Gold Co.