On April 1, Mooney Corporation purchased for $162,000 cash a tract of land on which a warehouse and office building was located. The following data were collected concerning the property:

Current Assessed Valuation Vendors Original Cost

Land $60,000 $55,000

Warehouse 40,000 37,000

Building 80,000 68,000

$180,000 $160,000

Prepare the journal entry to record this purchase.