Pittsfield Sound Center pays S340,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $118,400, the building's current market value is $148,000, and the equipment's current market value is $103,600. Prepare a schedule allocating the purchase price of $340,000 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 $340,000 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 $340,000 Market Sales) Value Percentage of Total Market Value Cost of Asset Land Building Equipment Total Each Asset 100