Tonto Company purchased all property for $280,000. The property included a building, equipment, and land. The building was appraised at $175,000, the land at $126,000, and the equipment at $49,000.

Required:

Prepare journal entries to record the above transactions assuming all the basket purchase was paid for using cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)