Question 5 (10 marks) On February 10, 2021, Great Dane Investments Ltd. purchased land, building and equipment for a total price of $2,420,000 with a bank loan. The bank appraised the la at $650,000, the building at $1,200,000 and equipment at $750,000. I Required 1. Prepare the calculation showing the allocation of the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase.