1. Original Banners pays $280,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $32,000, the building $192,000, and the equipment $96,000. 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 X Land % X Building % X % X Equipment 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 joumal entry table.) Debit Credit Date Accounts and Explanation 2 Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later 16 of 24 1. Original Banners pays $280,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of 53 lump-sum purchase. Percentage Market Value of Total Value Asset Purchase Price Cost of Each Asset Land Building Equipment 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 Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next