Suppose you have purchasedland, abuilding, and some equipment. At the time of theacquisition, the land has a current fair value of $ 70 comma 000 comma

$70,000, thebuilding's fair value is $56 comma 000

56,000, and theequipment's fair value is $11 comma 000

11,000. Journalize thelump-sum purchase of the three assets for a total cost of $136 comma 000

136,000. Assume you sign a note payable for this amount.

Prepare the journal entry for thelump-sum purchase. (Record debitsfirst, then credits. Explanations are not required. Round percentages to 6 decimals before multiplying. Round your final answers to the nearest wholenumber.)

Journal Entry

Accounts

Debit

Credit

Land

Building

Equipment

Notes Payable

136000