1. Wholesale Banners pays $360,000 cash for a group purchase of land, building, and equipment A the time of acquisition, the land has a market value of $120.000 the building $240,000, and the equipment $40,000 Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each assets market value to the total for all assets combined. Then, complete the table and caloulate the assigned cost for each asset Percentage Total Assigned Market of Total Purchase Cost of Asset Value Each Asset Value Price 30 % 120,000 Land 240,000 60 % Building 40.000 10 Equipment 100 % 400.000 Total Enter any number in the edit fields and then click Check Answer nart