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 $$1,320,000$ and included a building, land, certain land improvements, and $12$

vehicles. The estimated market values of the assets were building, $$596,400$; land, $$497,000$; land improvements, $$71,000$; and

vehicles, $$255,600.$ The company's fiscal year ends on December $31.$

Required:

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.