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Questor Applications pays $ 3 3 0 , 0 0 0 for a group purchase of land, building, and equipment. At the time of acquisiti

Questor Applications pays $330,000 for a group purchase of land, building, and equipment. At the time of acquisiti the land has a current market value of $36,000, the building's current market value is $72,000, and the equipment's current market value is $252,000. Prepare a schedule allocating the purchase price of $330,000 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 $330,000 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 $330,000.(Do not enter the % sign within the input fields of the Percentage of Total Market column.)
\table[[Asset,\table[[Market (Sales)],[Value]],\table[[Percentage of Total],[Market Value]],\table[[Cost of Each],[Asset]]],[Land,,%,],[Building,,%,],[Equipment,,%,-],[Total,,0%,]]
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