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On May 27, 2020, Lacey Investments Ltd. purchased land, building and furniture for a total price of $2,340,000 with a bank loan.The bank appraised the

On May 27, 2020, Lacey Investments Ltd. purchased land, building and furniture for a total price of $2,340,000 with a bank loan.The bank appraised the land at $400,000, the building at $1,800,000 and furniture at $300,000.

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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