Landscapes by Design purchased land with an office building, equipment shed, abandoned warehouse, pond with a foot bridge, parking lot and lighting for a lump-sum cost of $1,750,000 A downpayment of $495,000 was paid in cash with the balance on a long-term mortgage The appraised values are as follows: Land Pond and foot bridge Parking lot and lighting Office building Equipment shed Abandoned warehouse 275,000 265,000 185,000 1,000,000 125,000 Determine the cost to be apportioned to each item and prepare the journal entry to record the acquisition Note: Date not necessary on journal entry Appraised Value Percent of Total Apportioned Cost Asset Land Pond and foot bridge Parking lot and lighting Office building Storage shed Abandoned shed Land Land Improvements Building Cash Mortgage Payable Landscapes by Design intends to demolish the abandoned shed and use one half of the space to build a small storage shed and the rest will be used for a lot to show their unique creations Building permit Removal of old buildin Salvage from sale of old building materials Level area after demolition for shed and show lot Tree and bush spade attachment for truck Pour concrete for storage shed floor Pour concrete for sidewalks in show lot Freight on tree and bush spade Cost of storage shed Purchase plants for resale to put on show lot Install perimeter fencin Emplovee wages to move inventory from prior location Purchase beginning supplies for operations 600 1,250 17,750 16,600 2,550 58,250 Landscapes by Design had the following items that they brought from their prior location Inventory Equipment 35,500 228,000 Determine cost allocation Inventory & Expense Description Land Land ImprovBuildin Equipment Beginning Balance Building permit Removal of old buildin Salvage from sale of old building materials Level area after demolition for shed and show lot Tree and bush spade attachment for truck Pour concrete for storage shed floor Pour concrete for sidewalks in show lot Freight on tree and bush spade Cost of storage shed Purchase plants for resale to put on show lot Install perimeter fencin Employee wages to move inventory from prior location Purchase beginning supplies for operation:s Totals