On July 5, land, building and equipment were purchased for a total amount of $1,600,000 cash. The assessed values of these purchases were, Land - $1,040,000; Building - $400,000; Equipment - $560,000. Write the journal entry that records the purchase. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole dollar. Enter the debit accounts in alphabetical order. Date Account Title and Explanation Jul 5 Purchased assets for cash " 4 Debit Credit