K Foley Distribution Service paid $180,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $95,000, the builc equipment $19,000. Journalize the lump-sum purchase of the three assets for a total cost of $180,000, the amount for which the business signed a note payable. (Record a sir entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

Foley Distribution Service pad $180,000 for a group purchase of land, building, and equipment. At the time of the acquisibon, the land had a market value of $95,000, the bu equibment $19,000. Joumalize the lump-sum purchase of the three assets for a totat cost of $180,000, the amount for which the business signed a note pryable. (Record it entry Record debits fint, then credits. Select the explanation on the last line of the journat entry table)