On January 1, 2020, Bona Vista Co. purchased land, a building, equipment, and tools for a total price of $5,020,000, paying cash of $1,244,000 and borrowing the balance from the bank. The bank appraiser valued the assets as follows: $1,313,400 for the land; $1,432,800 for the building; $1,074,600 for the equipment; and $159,200 for the tools.

On January 1, 2020, Bona Vista Co. purchased land, a building, equipment, and tools for a total price of $5,020,000, paying cash of $1,244,000 and borrowing the balance from the bank. The bank appraiser valued the assets as follows: $1,313,400 for the land; $1,432,800 for the building: $1,074,600 for the equipment, and $159,200 for the tools. Prepare the entry to record the purchase. (Do not round Intermediate calculations.) View transaction list Journal entry worksheet Record the lump-sum purchase. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2020 Record entry Clear entry View general journal