Lump-sum purchase ( Learning Objective 2) 5-10 min. Peterson purchased land having a current market value of $110,000, a building with a market value of $88,000, and equipment with a market value of $22,000. Journalize the lump-sum purchase of the three assets purchased for a total cost of $210,000 in exchange for a note payable.

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Total fair value 110000 88000 22... View the full answer