Lump-Sum Purchase To add to his growing chain of grocery stores, on January 1, 2017, Danny Marks bought a grocery store of a small competitor for $457,000. An appraiser, hired to assess the acquired assets' values, determined that the land, building, and equipment had market values of $176,880, $134,000, and 5225,120, respectively. Required: 1. What is the acquisition cost of each asset? Do not round intermediate calculations. If required, round your final answers to the nearest dollar. Algulation Cont 150.000 Asset Land: Building Equipment: 114.250 Identify and analyze the effect of the acquisition Accounts Statements How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholder Assets Rever 2. Danny plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2017 on these newly acquired assets. Assume zero residual value for all assets. Round your answers to the nearest whole dollar. If an amount is zero, entero. Assets 2017 Depreciation Land Building Timant 3. How would the assets appear on the balance sheet as of December 31, 2017? Grocery Store Balance Sheet (Partial December 31, 2017 Lang term