On October 17, Nikle Company purchased a building and a plot of land for $681,500. The building was valued at $299,860 while the land carried a value of $381,640. Nikle paid $78,200 down in cash and signed a note payable for the balance. Required: Provide the journal entry for this transaction. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Nikle Company General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Insurance 51 Wages Expense 15 Land 53 Rent Expense 54 Utilities Expense 16 Office Equipment 17 Building 55 Maintenance Expense 18 Truck 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Unearned Revenue 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends