Question: On August 1, 2021, Mark Wilson Engineering paid $ 1,000,000 in a lump-sum purchase of land, building, and equipment The payment consisted of $ 200,000

On August 1, 2021, Mark Wilson Engineering paid $ 1,000,000 in a lump-sum purchase of land, building, and equipment The payment consisted of $ 200,000 cash and a note payable for the balance. An appraisal revealed the following fair values at the time of the purchase: Land Building Equipment $ 500,000 450,000 250,000 Instructions Prepare the necessary journal entry to record this lump-sum purchase (round all percentage calculations to two decimal places) % of Fair Value Fair Value Total Fair Value Cost Allocated Cost Asset Land $ Building Equipment SA Total Aug 1, 2021 . . .

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