Advanced AutomotiveAdvanced Automotive

paid

$ 220 comma 000$220,000

for a group purchase of? land, building, and equipment. At the time of the? acquisition, the land had a market value of

$ 115 comma 000$115,000?,

the building

$ 69 comma 000$69,000?,

and the equipment

$ 46 comma 000$46,000.

Journalize the? lump-sum purchase of the three assets for a total cost of

$ 220 comma 000$220,000?,

the amount for which the business signed a note payable. ?(Record a single compound journal entry. Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.)