On September 8, 2021, Swanway Hotel purchased the following assets: a building, furniture and land. The appraised values of the assets were $950,000 for the building, $350,000 for furniture and $1,200,000 for land. The total purchase price of all three assets was $2,130,000. Swanway Hotel paid $400,000 in cash and will pay the remaining balance later.

Required a) Complete the table to determine the cost of the assets.

Do not enter dollar signs or commas in the input boxes. Round all numbers to 2 decimal places.

Item	Appraised Value	Percent	Applied to Cost
Building	$950,000	Answer %	$Answer
Furniture	$350,000	Answer %	$Answer
Land	$1,200,000	Answer %	$Answer
Total	$2,500,000		$Answer

b) Prepare the journal entry to record the purchase.

Enter the debit accounts in alphabetical order. Enter the credit accounts in alphabetical order.

Date	Account Title and Explanation	Debit	Credit
Sep 8	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseAllowance for Doubtful AccountsBad Debt ExpenseBuildingCashDepreciation ExpenseFurnitureLandTruck	Answer
	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseAllowance for Doubtful AccountsBad Debt ExpenseBuildingCashDepreciation ExpenseFurnitureLandTruck	Answer
	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseAllowance for Doubtful AccountsBad Debt ExpenseBuildingCashDepreciation ExpenseFurnitureLandTruck	Answer
	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseAllowance for Doubtful AccountsBad Debt ExpenseBuildingCashDepreciation ExpenseFurnitureLandTruck		Answer
	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseAllowance for Doubtful AccountsBad Debt ExpenseBuildingCashDepreciation ExpenseFurnitureLandTruck		Answer
	To record the purchase of assets