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 $$280,000$ ?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 $$280,000.($Do not enter the $\%$ ?sign within the input fields of the Percentage of Total Market column.$)$

$\backslash$table$[[$Asset$,\backslash$table$[[$Market $($Sales$)],[$Value$]],\backslash$table$[[$Percentage of To$],[$Market Value$]],\backslash$table$[[$otal$]],\backslash$table$[[$Cost of Each$],[$Asset$]]],[$Land$],[$Building$],[$Equipment$],[$Total$,,10,\%,]]$

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

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[,,,],[,,,],[,,,],[,,,]]$

Time Remaining: $00$:$59$:$53$