QS 9-3 Lump-sum purchase LO1Xcel On April 14, 2017, Orchid Company, a new Thai Restaurant, purchased land and a building for a total price of $540,000, paying cash of $85,000 and borrowing the balance from the bank. The bank app the land at $320,000 and the building at $180,000. Complete the following table and prepare the entry to record the purchase. Appraised Values Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value Cost Allocation (b) Total Actual Cost PPE Item Land Building Totals