A company purchases property that includes land,buildings and equipment for $5.5 million.The company pays $180,000 in legal fees,$220,000 in commissions,and $100,000 in appraisal fees.The land is estimated at 25%,the buildings are at 40%,and the equipment at 35% of the property value.Prepare the journal entry that is required to record the purchase assuming that the company paid 50% of the amounts using cash and signed a note for the remainder. 
Definitions:
Unsecured Creditors
Creditors who have provided loans or credit without taking collateral. If the borrower defaults, they have no special claim to any specific asset of the borrower.
Debts Paid
The act of fulfilling obligations by paying off owed money.
Bankruptcy Court
A federal court that handles legal proceedings related to bankruptcy filings, allowing individuals or entities to settle debts under the protection of the law.
Bankruptcy Judges
Judicial officers specialized in handling bankruptcy cases, with the authority to make legal judgments and decisions regarding bankruptcy filings.
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