The Iowa Corp. acquired a piece of land with a building on it by paying $100,000 down and signing a $779,000 4.5% mortgage note. The list price of the land and building was $920,000, the Dec. 19, 2012 appraisal value of the acquired land was $225,000, and the Dec. 19, 2012 appraisal value of the acquired building was $675,000. Required: Record this Dec. 19, 2012 acquisition of the land and building by Iowa.