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 $529,000. An appraiser, hired to assess the acquired assets' values, determined that the land, building, and equipment had market values of $195,360, $148,000, and $248,640, 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. Asset Acquisition Cost Land 174.520 Buding: 132,250 Equipment: 222,180 Identify and analyze the effect of the acquisition. Activity Accounts Statement(s) 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, le, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statem Stockholders Assets Liabilities Revenues Equity 174,570 Land 174,570 No Entry x 132,250 No Entry 132,250 x Equipment No Entry 222.18 222,180 -529,000 No Entry -529,000 X 3. How would the assets appear on the balance sheet as of December 31, 2017? Grocery Store Balance Sheet (Partial) December 31, 2017 Long-term assets: 0 0 0 Total long-term assets