1. Discount Banners pays $180,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $47,500, the building S114,000, and the equipment $28,500. 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 Total Assigned Market of Total Purchase Cost of Asset Value Value Price = Each Asset Land 47,500 180.000 = 1 Building 114,000 180,000 = Equipment 28.500 180,000 Total 190.000 -- - -- - - - - - - Now, journalize the lump-sum purchase. (Record a single compound journal entry Record debits first, then credits. Select the e the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Land Building Equipment Cash To record purchase of the assets with cash