On January 1, 2014 Behrend acquired a parcel of real estate that included land and a building for a negotiated price of $19,870,000. Before purchasing the property, Behrend paid $30,000 for an appraisal. Behrend also incurred closing costs of $100,000. The appraisal estimated fair value of the land at $19,800,000 and the building at $2,200,000.
Required: Assuming Behrend occupies the building, record the real estate acquisition using the accounting equation format.