Problem 6 (8) On 6/30/22, a company purchased land, a building, and equipment for one price of $800,000. The estimated fair values of the land, building, and equipment are $100,000, $700,000, and $200,000, respectively. a) Prepare the journal entry for the purchase. SHOW COMPUTATIONS. b) Prepare the journal entry for depreciation on 12/31/22. Kantor uses straight line and 10 years for all depreciable assets. SHOW COMPUTATIONS.