Lexington Garden Supply pays $ 280,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $ 93,000 , the building's current market value is $ 186,000 , and the equipment's current market value is $ 31,000. Prepare a schedule allocating the purchase price of $ 280,000 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 $ 280,000 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.

Now journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. (Record debits first, then credits. Exclude explanations from any journal entries.)

account choices:

Begin by preparing a schedule allocating the purchase price of $280,000 Market (Sales) Value Percentage of Total Market Value Cost of Asset Land Building Equipment Total Each Asset 0 0 0 0 0 0 100 0 Journal Entry Date Accounts Debit Credit Accounts Debit Credit Building Cash Equipment Land Note Payable Note Receivable