On April 1, Renner Corporation purchased for $855,000 a tract of land on which was located a warehouse and office building. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $300,000 $280,000 Warehouse 200,000 180,000 Office building 400,000 340,000 $900,000 $800.000 Instructions: Prepare journal entry for this purchase and show computations