Twin Investments purchased land with a building for a total cost of $5,500,000 ($500,000 paid in cash and the balance on a long-term note).The appraised cost of the land and building were $3,000,000 and $2,100,000,respectively.Calculate the costs to be allocated to the land and the building and prepare the appropriate journal entry to record the acquisition.(Round all calculations to two decimals)

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The Answer of Twin Investments purchased land with a building for a total cost of $5,500,000 ($500,000 paid in cash and the balance on a long-term note).The appraised cost of the land and building were $3,000,000 and $2,100,000,respectively.Calculate the costs to be allocated to the land and the building and prepare the appropriate journal entry to record the acquisition.(Round all calculations to two decimals)

Twin Investments Purchased Land with a Building for a Total