Test: Chapter 7 Pre-Test Question 2 This Test: 8 pts possible Submit Test Rural Tech Support pays $280,000 for a group purchase of land building, and equipment. At the time of acquisition, the land has a current market value of 531,000, the building's current market value is $155,000, and the equipment's current market value is $124.000. Prepare a schedule allocating the purchase price of $280,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price $280,000 to each of the individual assets purchased based on their relative market values, ther journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price Begin by preparing a schedule allocating the purchase price of $280,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Market (Sales) Percentage of Total Cost of Each Asset Value Market Value Asset Land Building Equipment 100 Total Now journalize the lump sum purchase of the three assets. The business signs a note payable for the purchase price. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Next