Bell Inc. (BI) purchased a group of assets together from one of its competitors whose owner had recently decided to retire and stop operations. BI paid $500,000 for land, building, equipment, and a patent. Independent appraisals had been completed on all assets prior to the sale. These appraisals indicated the following fair values for the assets: land $250,000; building $225,000; equipment $75,000, and patent $50,000.
Required:
Prepare the journal entry to record the purchase. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your percentages to 1 decimal places.)