Camas Sound Center pays $$300,000$ for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $$66,000,$ the building's current market value is $$33,000,$ and the equipment's current market value is $$231,000.$ Prepare a schedule allocating the purchase price of $$300,000$ to each of the individual assets purchased based on their relative market values, then journalize the lump$-$sum purchase of the three assets. The business signs a note payable for the purchase price.

Prepare a schedule allocating the purchase price of $$300,000$ to each of the individual assets purchased based on their relative market values, then journalize the lump$-$sum purchase of the three assets. The business signs a note payable for the purchase price.

Begin by preparing a schedule allocating the purchase price of $$300,000.($Do not enter the $\%$ sign within the input fields of the Percentage of Total Market column.$)$

$\backslash$table$[[\frac{\text{A}\text{s}\text{s}\text{e}\text{t}}{\text{L}\text{a}\text{n}\text{d}},\backslash$table$[[$Market $($Sales$)],[$Value$]],\backslash$table$[[$Percentage of Total$],[$Market Value$]],\backslash$table$[[$Cost of Each$],[$Asset$]]],[$$$,66,000,20\%,$$$,60,000],[$Building$,$$$,33,000,10\%,$$$,30,000],[$Equipment$,$$$,231,000,70\%,$$$,210,000],[$Total$,$$$,330,000,100\%,$$$,300,000]]$

Now journalize the lump$-$sum purchase of the three assets. The business signs a note payable for the purchase price. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Journal Entry