Original Banners pays $$340,000$ cash for a group purchase of land, building, and equipment. At the time of acquisition, the land had a fair value of $$38,000,$ the building $$304,000,$ and the equipment $$38,000.$ Journalize the lump$-$sum purchase.

First complete the table to calculate the assigned cost for each asset. $($Enter the Percentage of Total amounts as a whole percentage number. Do not include the $\%$ symbol in the input field.$)$

$\backslash$table$[[$Asset$,$Fair Value,$\backslash$table$[[$Percentage of$],[$Total Value$]],,x,\backslash$table$[[$Total$],[$Purchase$],[$Price$]],=,\backslash$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.$)$

Accounts and Explanation