On April 30, 2021, JP's Aquariums purchased a new location. The purchase included the following assets: land, two buildings, and a vehicle An appraiser estimated the fair market value of the land, building, and the vehicle to he $2,000,000, $600,000, $250,000, respectively. The purchase price was $2,700,000 plus 3% commission to the real estate agent for assisting in the purchase of all assets, $22,000 in back taxes on the building, and $12,500 in attorney's fees In addition to the previous amounts paid for in cash, JP's Aquariums assumed a mortgage of $220,000 on the land. Lastly, JP's Aquariums spent $18,500 to demolish an old building on the land and to dispose of the related scrap.

1.1: Record the journal entry on April 30, 2021, to record the purchase of the assets.