Gallery Manufacturing purchased, for cash, three large pieces of equipment. Based on recent sales of similar equipment, the fair market values are as follows: Piece 1 $250,000 Piece 2 $350,000 Piece 3 $450,000 Required 1. What value is assigned to each piece of equipment if the equipment was purchased for (a) $510,000, (b) $710,000, and (c) $810,000? 2. How does the purchase of the equipment affect total assets?