$1.$ WholesaleWholesale Banners pays $ $240$ comma $000$$$240,000$ cash for a group purchase of$$ land, building, and equipment. At the time of$$ acquisition, the land has a market value of $ $42$ comma $000$$$42,000,$ the building $ $182$ comma $000$$$182,000,$ and the equipment $ $56$ comma $000$$$56,000.$ Journalize the$$ lump$-$sum purchase.

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Part $1$

$$First$,$ refer to the information provided and calculate the ratio of each$$ asset's market value to the total for all assets combined.$$ Then, complete the table and calculate the assigned cost for each asset.

Asset

Market Value

Percentage of Total Value

$\backslash$times

Total Purchase Price

$=$

Assigned Cost of Each Asset

Land

$\%$

$\backslash$times

$=$

Building

$\%$

$\backslash$times

$=$

Equipment

$\%$

$\backslash$times

$=$

Total

$\%$

$=$