To add to his growing chan of grocery stores, on Jansary 1, 2016, Darhy Marks bought a grocery stoce of a small compettor for $180,000. An appraser, hiked so assess ithe acquined assets' values, determined that the land, bulding, and equipment had market values of 367,500,$56,250, and $101,250, respectively. Required: 1. What is the acquation sost of each asset? Propare a joumal entry to record the acquisiton. 2. Danny pians to depreciate the operating assefs on a straight-fine hasis for 20 years. Deternine the amount of depreciation expense for 2015 on these newfy acqued assett. You can assume zero residual value for all assets. 3. How would the assets appew on the balance aheet as of December 31,20167 Marks bocight a grocery stoce of a smal competicor for $180.000. As appraisor, hired fo asseas the acruared assots ues of $67,$00,$56,250, and $1d,250, respectively. to resard the asquisition. basis for 20 yearn. Dededevie the amounf of depreciaton expense for 2016 on for all asseta. ter 31. 2016? Lump-5um Purchase \begin{tabular}{l} Instugetions \\ \hline General Journal \\ \hline \end{tabular} ta. What is the acgulation cour of eoch assef? 2. Danyy plans to depreciate the operating assets on a atraight fine banis for 20 yeard. Determine the amount af depreciation expense for zor 6 on these newly acquired asseta You can astume tero residual value for all assefa. 2. Dandy plans to depreciate the operating assets on a straighteline basia for 20 years. Detemine the amount of depreciaton expense for 20 ts an these newly acquired assect. You can assume zeeco residual value for all astets. Ir 2016 on these newly acquired