Points: 0 of 1\ Pittsfield Sound Center paid

$150,000

for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of

$80,000

, the building

$48,000

, and the equipment

$32,000

. Journalize the lump-sum purchase of the three assets for a total cost of

$150,000

, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Pittsfield Sound Center paid $150,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $80,000, the building $48,000, and the equipment $32,000. Journalize the lump-sum purchase of the three assets for a total cost of $150,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)