P 10-7 LO L03 Purchase of Multiple Assets for a Single Sum On April 1, 2018, Cajun Company paid $210,000 in cash to purchase land, a building, and equipment The appraised fair market values of the assets were as follows: land, 570,000; building, $120,000; and equipment, $60,000. The company incurred legal fees of $8,000 to determine that it would have a de title to the land. Before the facilities could be used, Cajun had to spend $4,000 to grade and landscape the land, $3,500 to put the equipment in working order, and $14,000 to renovate the building. The equipment was then estimated to have a useful life of seven years with no salvage value, and the building would have a useful life of 20 years with a net salvage value of $10,000. Both the equipment and the building are to be depreciated on a straight-line basis. The company is on a calendar-year reporting basis Required: 1. Allocate the single purchase price to the individual assets acquired. 2. Prepare the journal entry to acquire the land, building, and equipment. 3. Prepare the journal entry to record the title search, landscape, put the equipment in working order, and renovate the building. 4. Prepare the journal entries on December 31, 2018, to record the depreciation on the building and the equipment