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II. PROBLEM QUESTIONS A. On February 1, 2018, XYZ Company paid $700,000 for land, buildings,...

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II. PROBLEM QUESTIONS A. On February 1, 2018, XYZ Company paid $700,000 for land, buildings, and equipment in a lump-sum purchase. An appraisal that cost XYZ $8,000 revealed fair market value of $200,000 for land, $500,000 for the buildings, and $100,000 for the equipment. Required: Prepare the necessary journal entry to properly record the transaction. Computation

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