Rebuild Inc. purchased a plant and the land on which the plant was located for a total of $300,000 cash. The separate market values of the plant and land were not known, so Rebuild hired an independent appraiser who gave the following estimated market values: plant, $220,000; land, $110,000. Complete the entry to record the acquisition (show computation).

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The Answer of Rebuild Inc. purchased a plant and the land on which the plant was located for a total of $300,000 cash. The separate market values of the plant and land were not known, so Rebuild hired an independent appraiser who gave the following estimated market values: plant, $220,000; land, $110,000. Complete the entry to record the acquisition (show computation).