Plant Assets, Natural Resources, & Intangibles Measure and record the cost of individual assets in a lump-sum purchase of assets 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. Total amount paid $280,000 Current market value at the time of acquisition $124,000 $31,000 $155,000 Land Building Equipment Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirements 1 Prepare a schedule allocating the purchase price to each of the individual asset purchased based on their relative market values. 2 Journalize the lump-sum purchase of the three assets. 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 appable. d. Record each asset separately. 1. Prepare a schedule allocating the purchase price to each of the individual assets purchased based on their relative market values. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Current Market Value Purchase Price Percent of Total Allocation Land Building Equipment Total 0.0% 2. Journalize the lump-sum purchase of the three assets (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Use cell references from prior calculations, if applicable.) Account Debit Credit