Graves Automotive pays $270,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $150,000, the building's current market value is $120,000, and the equipment's current market value is $30,000. Prepare a schedule allocating the purchase price of $270,000 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 $270,000 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 $270,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Market (Sales) Percentage of Total Value Cost of Each Asset Market Value Asset Land Building Equipment Total 100 % % GECES % %

Greves Automotve pays $270,000 toe a group purchase of iand, bulding, and equipment A the time of acruistion, the lanid has a current market value of 5150,000 , the building's currert markat value is $120,000, and the equipments currem msket vatue is $90,000. Prepare a schedule alocating the purchase price of $270,000 to sach of the individual assets purchased based en their relative market values, then joumalie the lump-sum purchase of be tree assets. The business signs a note payabie for the purchase prich. Prepare a schedule alocating the purchase pnce of $270,000 to each of the indvidual atsets purcthased based on their relative markat values, then joumalue the lump-sum porchase af the three assets. The bushess tigns a note peyabie for the purchase price. Begin by preparng a schedule atocating the purchase price of $270,000. (Do not enter ite ss sgn withn the input felds of he Pertentage of Tota Markir cailumn)