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Lexington Garden Supply paid $160,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market

Lexington Garden Supply paid $160,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $85,000, the building $51,000 and the equipment $34,000.


 Journalize the lump sum purchase of the three assets for a total cost of $160,000 the amount for which the business signed a note payable.

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