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 lump-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.)

Asset	Market (Sales) Value	Percentage of Total Market Value		Cost of Each Asset
Land			%
Building			%
Equipment			%
Total		100	%

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