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Advanced Automotive pays $290,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $96,000, the building's current market value is $192,000, and the equipment's current market value is $32,000. Prepare a schedule allocating the purchase price of $290,000 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, Prepare a schedule allocating the purchase price of $290,000 to each of the individual assets purchased based on their relative market values, then joumalize 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 $290,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Market (Sales) Percentage of Total Cost of Each Asset Value Market Value Asset Land 96000 % Building 192000 % Equipment 32000 % 320000 Total 100 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 journalentries.) Journal Entry Date Accounts Debit Credit account choices: Accounts Debit Credit Building Cash Equipment Land Note Payable Note Receivable

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