Palmore Corporation has acquired a property that included both land and a building for

$500,000.

The corporation paid cash. The corporation hired an appraiser who has determined that the market value of the land is

$250,000

and the market value of the building is

$400,000.

What is the journal entry for the

lumpsum

purchase? (Round any intermediate calculations to two decimal places, and round your final answer to the nearest dollar.)

Question content area bottom

Part 1

A.

Land	310,000
Building	190,000
Cash		500,000

B.

Land	100,000
Building	400,000
Cash		500,000

C.

Land	400,000
Building	100,000
Cash		500,000

D.

Land	190,000
Building	310,000
Cash		500,000