The Barlow Corporation acquired a building and land by issuing 20,000 shares of $1 par common stock. At that time, the stock was selling for $35 per share on the New York Stock Exchange. The independently appraised values of the building and the land were $500,000 and $150,000 respectively.

Prepare the journal entry to show the costs assigned to the building and land, respectively?

(Use 2 decimal points for allocation calculations)