1. Wholesale 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 $62,500, the building $162,500, and the equipment $25,000. Journalize the lump-sum purchase First, refer to the information provided and calculate the ratio of each asser'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 Value Value Price - Each Asset Asset and 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 journal entry table.) Date Accounts and Explanation Debit Credit . Choose from any list or enter any number in the input fields and then continue to the next