Raider Co. recently acquired all of Lost Arc, Inc.'s net assets in a business acquisition. The cash purchase price was $7.6 million. Lost Arc, Inc.'s assets and liabilities had the following appraised values immediately prior to the acquisition: land, $1.9 million; buildings, $3.6 million; inventory, $2.4 million; long-term notes payable, for which Raider Co. assumes payment responsibilities, $1.7 million.