A company purchases land, equipment and a building for $375,000. The fair market value of the individual components is $220,000 for the land, $180,000 for the building, and $50,000 for the equipment. The journal entry for the purchase will include a value of:
a) $220 000 for land
b) $450 000 for Accounts Payable
c) $180 000 for land
d) $183 337 for land