1. Cheap Banners pays $340,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $108,000, the building $216,000, and the equipment $36,000. 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 Percentage Assigned Market of Total Purchase Cost of Asset Value Value Price Each Asset $ 108,000 30% x $ 340,000 = Land 216,000 60% x $ 340,000 Building 36,000 10 % x $ 340,000 Equipment $ 360,000 100 Total Enter any number in the edit fields and then click Check Answen part remaining Clear All Check