Required information

[The following information applies to the questions displayed below.] Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $2,090,000. Harding paid $595,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $629,000; Building, $1,870,000 and Equipment, $1,241,000. (Round percentages to two decimal places: ie .054 = 5%).

What journal entry would be used to record the purchase of the above assets?

Multiple Choice

• Land	629,000
  Building	1,870,000
  Equipment	1,241,000
  Cash		595,000
  Notes payable		3,145,000

• Land	629,000
  Building	1,870,000
  Equipment	1,241,000
  Cash		3,740,000

• Land	629,000
  Building	1,870,000
  Equipment	1,241,000
  Cash		1,495,000
  Notes payable		595,000
  Gain on purchase of long-term assets		1,650,000

• Land	355,300
  Building	1,045,000
  Equipment	689,700
  Cash		595,000
  Notes payable		1,495,000