Questor Applications pays $290,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $80,000, the building's current market value is $96,000, and the equipment's current market value is $144,000. Prepare a schedule allocating the purchase price of $290,000 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 $290,000 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 $290,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Market (Sales) Percentage of Total Cost of Each Asset Land Value Market Value Asset Building Equipment Total 100 % % % Now journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Calculator Accounts Building Cash Equipment Land Note Payable Note Receivable Debit Credit Time Remaining: 02:19:14 Next