Question 2 (11 marks) A company purchases land, building and equipment for a total cost of $380,000 on January 1, 2021. The land has a market value of $127,500, the building has a market value of $85,000 and the equipment has a market value of $212,500. Assume the company paid 60% cash for the purchases and signed a note payable for the remainder. Required Record the journal entry for the purchase of the land, building and equipment