1. Discount Banners pays $260,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $101,500, the building $174,000, and the equipment $14,500. 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. Percentago of Total Value Total Market Value S 101,500 Assigned Cost of Each Asset Asset Land Building Price 35% x $ 260,000=$ 91,000 156.000 13,000 $ 260,000 174,000 14,500 60% x$ 260,000 % x $ 260,000 = S 290,000 100 Total 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 Dobit Credit