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$200,000 cash and a $900,000 loan. Fair value of the physical assets per the appraisal is as follows: \begin{tabular}{l|rr|} \hline Land & $ & 300,000 \\ \hline Building & $ & 270,000 \\ \hline Equipment & $ & 330,000 \\ \hline Vehicle & $ & 300,000 \\ \hline Total & $1,200,000 \\ \hline \end{tabular} Requirments: 1 What should the amount recorded for each of the asset categories be using the above information? Marks Available 2 2 Record the journal entry for the purchase of the assets using cash and a bank loan. No description is needed. Marks Available 2 3 Assuming the same fair value of assets of $1,200,000, they paid $1,400,000 for the assets - how would the excess payment be accounted for? Marks Availab Total11