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 $124,000, the building's current market value is $31,000, and the equipment's current market value is $155,000. 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 Jump-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 $280,000. (Do not enter the sign within the input fields of the Percentage of Total Market column.) Market (Sales) Percentage of Total Cost of Each Asset Value Market Value Asset Land Building % Equipment 100 Total Now journalize the lump-sum purchase of the throw assets. The business signs a note payable for the purchase price. (Record dobits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit % Date Identify each of the following items as a capital expenditure (C), an immediate expense (E), or neither (N). Type of Expenditure Transaction 1. Constructed a new parking lot on leased property for $300,000. 2. Paid property taxes of $75,000 for the first year a new administrative services building was occupled. 3. Pald dividends of $40,000. 4. Paid interest on a six-month note payable that financed the construction of a new plant building, $550,000 6. Purchased equipment for a new manufacturing plant, $6,000,000. Type of Expenditure Transaction 6. Paid $90,000 for the installation of the equipment in (5) 7. Repaired plumbing in existing manufacturing plant paying $27,000, 8. Paid S148,000 to tear down an old building on a new manufacturing plant site. 9. Purchased new network servers for $20,000. 10. Paid maintenance costs of $31,000 on the equipment in (5) during its first year of use