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On February 10, 2021, Great Dane Investments Ltd. purchased land, building and equipment for a total price of $2,420,000 with a bank loan. The

On February 10, 2021, Great Dane Investments Ltd. purchased land, building and equipment for a total price of $2,420,000 with a bank loan. The bank appraised the land at $650,000, the building at $1,200,000 and equipment at $750,000. Required 1. Prepare the calculation showing the allocation of the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase.

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