Basket or Lump-sum question

Problem #1 - Basket or Lump-Sum Purchase (12 points) The Align Company purchased for cash the below assets from the Misplaced Corporation at an auction. Cost of Asset When New Asset Purchase Price Appraised Value Land Building Machinery Equipment Total $60,000 $140,000 $30,000 $20,000 $250,000 $60,000 $170,000 $40,000 $10,000 $280,000 $50,000 $200,000 $30,000 $40,000 $320,000 Requirements: A. Allocate the total purchase price among the four assets. B. Prepare the journal entry to record the purchase