Oriole Limited buys tand from its president for $500,000 in cash, which is the land's appraised value at the time of the purchase. The land was purchased by the president 15 years ago for $49.000 (1) Assume that Oriole follows ASPE. Prepare the journal entry to record the purchase of the land. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation