Graves Automotive pays $310,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $108,800, the building's current market value is $221,000, and the equipment's current market value is $10,200. Prepare a schedule allocating the purchase price of $310,000 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 $310,000 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 $310,000. Market (Sales) Percentage of Total Cost of Each Asset Value Market Value Asset Land % % Building Equipment % 100 Total %