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 $1,540,000 and included a building, land, certain land improvements, and 20 vehicles. The estimated market values of the assets were building, $688,800; land, $588,000; land improvements, $201,600; and vehicles, $201,600. 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. Market Value Percentage of Total Apportioned Cost Building $ 471% $ 7 Land 27 4 Land improvements 817,800 469,800 208,800 243,600 1,740,000 12 1 Vehicles 14 2 Total $ 100 % $ 14