paid $53000 cash for building and land. The building had a fair market value of $45000. Here is my answer.

Question

paid $53000 cash for building and land. The building had a fair market value of $45000. Here is my answer. 
Date May 1.                                Debit      Credit
Account Transaction :
     Cash                                      $53000
         Building and Land.                             $45000

Andrea · Answer

Cash is debited $53,000 Building credited 45000 Land 8,000