Question: Help Save & Exit Submit Logic Co. recently negotiated a lump-sum purchase of several assets from a company that was going out of business. The

Help Save & Exit Submit Logic Co. recently negotiated a lump-sum

Help Save & Exit Submit Logic Co. recently negotiated a lump-sum purchase of several assets from a company that was going out of business. The purchase was completed on March 1, 2020, at a total cash price of $1,455,000 and included a building, land, certain land improvements, and 15 vehicles. The estimated market values of the assets were building. $679,400; land, $505 600, land improvements. $110,600; and vehicles, $284,400. The company's fiscal year ends on December 31. Required: 1. Complete the following schedule to allocate the lump-sum purchase price to the separate assets that were purchased. Also present the journal entry to record the purchase

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