Lump-Sum Purchase To add to his growing chain of grocery stores, on January 1, 2017, Danny Maris bought a grocery store of a small competitor far $520,000. An appraisar, hired to assess the acquired assets values, determined that the land, building, and equipment had market values of $200,000 $150,000, and $250,000, respectively Required: 1. What is the c uisition cost of each asset? Do not round intermediate calculations. If required, round your final answers to the rest oler. Asset Land: Acquisition Cost 171,600 x 130,000 218,400 X Building: Equipment: $ Foodback Check My Work The acquisition cost of assets purchased as a group are determined by allocating the purchase price based on the proportion of the fair market value. Market value is best established by an independent appraisal of the property. When appraisal is not possible, other available evidence kused. Identify and analyze the effect of the acquisition Actity Investing Accounts Land Increase, Building Increase, Equipment Increase, Cash Decrease Statement(s) Balance Sheet Teedback Oh My Work How does this entry affect the accounting equation? It a financial statement item is not affected, select "No Entry and leave the amount box blank. If the cffect on a financial statement item is negative, I., a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' Assets Llabilities Equity Revenues Expenses Income Land 171,600 x No Entry No Entry No Entry Building 130,000 No Entry No Entry No Entry