Simpson and Homer Corporation acquired an office building on three acres of land for a lump$-$sum price of $$2,400,000.$ The building was completely furnished. According to independent appraisals, the fair values were $$1,300,000,$ $$780,000,$ and $$520,000$ for the building, land, and furniture and fixtures, respectively.

Required: $1)$ Calculate the initial values of the building, land, and furniture and fixtures, $2)$ Prepare journal entries.

Please prepare correct journal entries. I know the initial values