Nathan Jacob’s Company paid $450,000 to acquire land, building, and equipment. At the time of the acquisition, Nathan Jacob's $15,000 to have the property appraised. The following values were determined from the appraisal: land, $125,000; building, $235,000; and equipment, $150,000.   Required: 1. What cost should Nathan Jacob’s assign to the land, buildings, and equipment, respectively? 2. Provide the journal entry to record the acquisition on the books of Nathan Jacob’s.

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