Prepare this journal entry:

1/2 purchased three lots of land which appraised at 174,000each ($522,000 total) for cash. one lot will serve as the location for a new store and one lot will serve as the location for a new store and one lot will serve as a parking lot. the third lot was purchased as an investment to be sold at an undermined future date.$522,000

1/2 paid 8 months rent in advance. $22,104