Pittsfield Sound Center pays $320,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $175,000, the building's current market value is $70,000, and the equipment's current market value is $105,000. Prepare a schedule allocating the purchase price of $320,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $320,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $320,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Asset Land Market (Sales) Percentage of Total Cost of Each Value Market Value % % Asset Building Equipment Total % 100 % Now journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Journal Entry Accounts Debit Credit