Sam's Corporation paid $550,000 to acquire land, building, and equipment. At the time of the acquisition, Sam paid $50,000 to have the property appraised. The following values were determined from the appraisal: Land 180,000 Building 285,000 Equipment 175,000 Respond to the following questions:

What cost should Sam assign to the land, buildings, and equipment, respectively?

How should the journal entry be recorded on the corporations books to describe this acquisition?