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Logic Co . recently negotiated a lump - sum purchase of several assets from a company that was going out of business. The purchase was

Logic Co. recently negotiated a lump-sum purchase of several assets from a company that was going out of business. The purchase was completed on March 1,2023, at a total cash price of $1,260,000 and included a building, land, certain land improvements, and 12 vehicles. The estimated market values of the assets were building, $652,800; land, $462,400; land improvements, $68,000; and vehicles, $176,800. The company's fiscal year ends on December 31.
Required:
Complete the following schedule to allocate the lump-sum purchase price to the separate assets that were purchased. Also present the journal entry to record the purchase.
\table[[,Market Value,\table[[Percentage of],[Total]],\table[[Apportioned],[Cost]],],[Building,,,%,],[Land,,,,],[Land improvements,,,,],[Vehicles,,,,],[Total,,,%,]]
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