On January 1, 2020, Nights Watch Industries purchased land with 2 buildings and equipment for a total cost of $4,165,000. The company planns to keep Building 1, however will demolish Building 2. The appraised value of each individual asset are shown in the table below. The cost to demolish building 2 is $95,000. Space has been provided below for your calculations (this is optional). Required Complete the table below to allocate the correct cost to each asset. Prepare the journal entry to record the purchase on January 1, 2020 assuming everything was paid in cash. PPE Asset Appraised Value Ratio Cost Allocation Land $2,420,000 Building 1 $1,860,000 Equipment $355,000 Total $4,635,000 $4,165,000 Part 2 General Journal