Plant Assets, Natural Resources, & Intangibles Measure and record the cost of individual assets in a lump-sum purchase of assets 1 2 The following is given for Lexington Garden Supply's group purchase of land, building, and equipment. The business signs a note payable for the purchase price 4 Total amount paid $280,000 Current market value at the time of acquisition Land Building Equipment $124,000 $31,000 155,000 10 12 Use the blue shaded areas on the ENTERANSWERS tab for inputs 13 Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be 14 marked wrong 15 16 Requirements 17 1 Prepare a schedule allocating the purchase price to each of the individual asset purchased based on their relative market values 18 2 Journalize the lump-sum purchase of the three assets 19 20 21 a. Check your spelling carefully and do not abbreviate b. Record debits first, then credits. Exclude explanations from journal entries c. Use cell references from prior calculations, if applicable d. Record each asset separately 23 24 25 Saving&Submitting Solution 26 1 Save file to desktop 27 28 29 2 Upload and submit your file to be graded 30 31 32 Create folder on desktop, and label COMPLETED EXCEL PROJECTS Save your solution in the folder you just created; add -solution-date to end of file name a. b. a.Navigate back to the activity window- screen where you downloaded the initial spreadsheet b.Click Choose button under step 3; locate the file you just saved and click Open c. Click Upload button under step 3 d. Click Submit button under step 4 34 35 36 Viewing Results 37 1 Click on Results tab in MyAccountingLab 38 2 Click on the Assignment you were working on 39 3 Click on Project link; this will bring up your Score Card 04 Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback