sum purchase LoTexcer On April 14, 2023, Orchid Company, a new Thai restaurant, purchased land and a building for a total price of $540,000, paying cash of $85,000 and borrowing the balance from the bank. The bank appraised the land at $320,000 and the building at $180,000. Complete the following table and prepare the entry to record the purchase. PPE Item Land Building Totals Appraised Values QS 9-5 Balance sheet presentation LO2 (b) Ratio of Individual Appraised Value to Total Appraised Value (a) = Total Appraised Value (c) Cost Allocation (b) x Total Actual Cost Page 723