Problem 2. Questions 3 and 4. On January 1, 20X1, Joint Venture purchased a used car dealership in a lump sum purchase. The facts of the transaction are shown below. Total cost of the acquisition $1,485,000 Items purchased Automobiles Building Equipment Land Fair values $363,000 $181,500 $544,500 $561,000 3) Assuming the above fair values, what is the cost assigned to the equipment