On April 12. 2020, Prism Ltd., a camera lens manufacturer, paid cash of $575,000 for real estate plus $31,400 cash in closing costs. The real estate included land appraised at $221,040: land improvements appraised at $55,260; and a building appraised at 5337700 (a) (b) (c) Ratio of Individual Appraised Value to Cost Allocation Appraised Total Appraised Value (b) Total Actual PPE Asset Values (a) + Total Appraised Value Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date nal Deblt Credit 1 April 12. 2020 55 260 Land Land improvements Building Cash