Budget Banners pays $200,000 cash for a group purchase of land, building, and equipment At the time of acquistion, the land has a market value of $22,000, the uilding $187.000, and the equipment $11,000. Journalize the lump-sum purchase. irst, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Ther alculate the assigned cost for each asset , complete the table and Percentage of Total Value Total Purchase Price Each Asset Assigned Cost of Market Asset Land Building Equipment Total Now iournalize the lumo-sum nurchasA Recnrd a sinnla rmsnd isl an Value