1. 1. Original Banners pays $240,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $42,000, the building $224,000, and the equipment $14,000. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Total Assigned Percentage Purchase Cost of Each Asset Market Value of Total Value Price Asset 11 Land % X Building % Equipment % Total % 11 Now, journalize the lump-sum purchase. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit (1) (2) (3) (4) (5) (1) O O Cash O Accumulated DepreciationBuilding Depreciation ExpenseBuilding Accumulated Depreciation Equipment Depreciation Expense-Equipment O Building O Equipment Gain on Disposal Land Loss on Disposal Notes Payable (2) O Cash O Accumulated Depreciation-Building Depreciation ExpenseBuilding Accumulated Depreciation Equipment Depreciation Expense-Equipment O Building O Equipment Gain on Disposal Land Loss on Disposal Notes Payable (3) Cash O Accumulated DepreciationBuilding Depreciation ExpenseBuilding Accumulated Depreciation-Equipment Depreciation Expense-Equipment O Building Equipment O Gain on Disposal Land Loss on Disposal Notes Payable (4) O Cash Accumulated Depreciation Building Depreciation ExpenseBuilding O Accumulated Depreciation-Equipment Depreciation Expense-Equipment O Building O Equipment Gain on Disposal O Land Loss on Disposal O Notes Payable (5) To record depreciation on building. To record depreciation on equipment. To record purchase of the assets with cash and note payable. To record purchase of the assets with cash. To record sale of building