PROPERTY, PLANT, AND EQUIPMENT entries

On January 1, 2020 Timmy Co, purchased a tract of land and a building for a lump sum total of $800,000. At the date of acquisition, the fair value of the land and building was $600,000, and $400,000, respectively. Timmy depreciates its fixed assets using the straight-line method over twenty years with a residual value of $50,000. Illustrate the fixed asset section of the balance sheet as of December 31, 2021.