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Good Buy Banners pays $220,000 cash for a group purchase of land, building, and equipment....

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Accounting

Good Buy Banners pays $220,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $36,000, the building $156,000, and the equipment $48,000. Journalize the lump-sum purchase.
First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset
\table[[\table[[Asset]],Market Value,\table[[Percentage],[of Total Value]],x,\table[[Total],[Purchase],[Price]],,\table[[Assigned],[Cost of Each],[Asset]]],[Land,:',%,x,,=,],[Building,,%,x,,=,],[Equipment,,%,x,,=,],[Total,,%,,,=,]]
Now, journalize the lump-sum purchase. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
\table[[Date,Accounts and Explanation,Debit,Credit],[,Land,,],[,Building,Equipment,],[,Cash,,],[,To record purchase of the assets with cash.,,]]
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