1. Cheap Banners pays $220,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of 584,000, the building S144,000, and the equipment $12,000 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 Percentage Market Value of Total Value Total Purchase Price Assigned Cost of Each Asset Asset Land % Building % Equipment Total