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, 2020, at a total cash price of $1,410,000 and included a building, land, certain land improvements, and 15 vehicles. The estimated market values of the assets were building. $608,000; land, $623,200: land improvements, $91,200, and vehicles, $197,600. The company's fiscal year ends on December 31. Required: 1. 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. Building, Land Land improvements Vehicles Total Market Value Percentage of Total Apportioned Cost