Yella Company made a lump sum purchase of an office building, including the land and some fixtures, for cash of $160,000. The tax assessments for the past year reflected the following: Land, $22,500; Building, $58,500; and Fixtures, $9,000. Prepare the journal entry to record the acquisition:

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The Answer of Yella Company made a lump sum purchase of an office building, including the land and some fixtures, for cash of $160,000. The tax assessments for the past year reflected the following: Land, $22,500; Building, $58,500; and Fixtures, $9,000. Prepare the journal entry to record the acquisition:

Yella Company Made a Lump Sum Purchase of an Office