Banners pays $ 160000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $ 45000, the building $ 90000, and the equipment $ 45000. Journalize the lump-sum purchase.

1. Bargain Banners pays $160,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $45,000, the building $90,000, and the equipment $45,000. 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 of Total Total Purchase Price Assigned Cost of Market Asset Value Value X = Each Asset % X 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 the journal entry table.) Date Accounts and Explanation Debit Credit