graves automotive pays 260,000 for a group purchase of land building and equipment. At the time of acquisition the land has a current market value of 72,500 the buildings current market value is one 188,500 in the equipment current market value is 29,000. Prepair a schedule allocating the purchase price of 260,000 to each of the individual asset purchase based on their relative market values then journalize the lump sum purchase of the three assets. the business signs a notes payable for the purchase price.

begin by preparing a schedule allocating the purchase price of $260,000

Prepare a schedule allocating the purchase price of $260,000 to each of the individual a Begin by preparing a schedule allocating the purchase price of $260,000. Market Percentage (Sales) of Total Cost of Asset Value Market Value Each Asset Land % Building % Equipment % 100 % Total