To add to his growing chain of grocery stores, on January 1, 2016, Danny Marks bought a grocery store of a small competitor for $520,000. An appraiser, hired to assess the acquired assets' values, determined 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? Prepare a journal entry to record the acquisition. 2. Danny plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2016 on these newly acquired assets. You can assume zero residual value for all assets. 3. How would the assets appear on the balance sheet as of December 31, 2016?