Milton Company purchased land and an office building on September 1 for a combined cash price of $2,200,000. The land had a cost of $1,300,000 and the building had a book value of $1,030,000 on the seller's books. The land and building had fair market values of $1,400,000 and $800,000, respectively on September 1.
Milan made the following entry at acquisition:
Land ................................................................ 1,300,000
Building ............................................................ 1,700,000
Gain on Purchase ............................................... 130,000
Accumulated Depreciation ................................... 670,000
Cash ................................................................ 2,200,000
Prepare the correct entry for the acquisition.