Assume Mallard uses the 125% declining balance method to depreciate property, plant and equipment. On January 1, 2012, Mallard acquired five acres of land with a building that will be used as office space and warehouse for $400,000 cash. An appraisal valued the building at $245,000 and the land at $175,000. The building had an estimated remaining life of 20 years and no residual value. Prepare journal entry.