To add to his growing chain of grocery stores, on January 1, 2017, Danny Marista grocery store of alcohor for $520,000. An appraisered to assess the acquired termined that the land, building and equipment had market values of $200,000 $150,000, and $250,000, respectively Required: 1. What is the acquisition cost of each asset? Do not round Intermediate calculations. If required, round your finalwers to the nearest dollar Asset Acquisition Cost Land 173,333 Building 130,000 Equipment 216,667 Identity and analyze the effect of the acquisition Activity Investing Accounts Land increase Huilding increass, Equipment Increase, Cash Decrease Statements) Balance Sheet How does this entry affect the accounting equation? 11 a financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, a decrease be we to enter the awer with a mission Balance Sheet Income Statement Stockholders Assets Liabilities Equity Revenues Expenses Land 173,333 No Entry No Entry No Entry 130,000 No Entry No Entry No Entry Laulament No Entry 216,667 NO Entry No Entry -- Equipment 216,667 520,000 Nante NE Cash Notty No Naty 2. Danny plans to depreciate the content for 20 years. Determine the most deprecation expense for 2017 wired me to Hound your new to the whole danismer Assets 2017 Depreciation Land Builo Equipment 3. How would the other december 31, 2017 Grocery Store Balance Sheet (Partial) December 31, 2017 Long-termes i 0 000 Total long-term assets