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Task 1.1: Georgian Auto Body bought a shop from an existing business on June 15 with cash. The purchase includes the land, building and all of the equipment inside. The total price of the purchase was $1 500 000. The fair market value for the land was $800 000. The fair market value for the equipment was $400 000. The fair market value for the building was $600 000. Calculate the cost allocation for this basket purchase based on the fair market values given. Record the journal entry for this purchase. ---- ---- Journal - Page 30 Date 20- Accounts and Explanation Debit Fair Market Value PR % Of Market Value Asset Credit Cost Allocation Total Use the following chart of accounts to complete ALL tasks. Some of these accounts may only be applicable in one task. Chart of Accounts Cash Land Equipment Equipment - Cement Cutter Building Truck Accounts Payable Loss on Disposal of Truck Loss on Disposal of Cement Cutter