Suppose you get a good buy on land, a building, and some equipment. At the time of

Question:

Suppose you get a good buy on land, a building, and some equipment. At the time of your acquisition, the land has a current market value of $80,000, the building's market value is $80,000, and the equipment's market value is $40,000. Journalize your lump-sum purchase of the 3 assets for a total cost of $150,000. You sign a note payable for this amount.