Graves Automotive pays $290,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $160,000, the building's current market value is $128,000, and the equipment's current market value is $32,000. Prepare a schedule allocating the purchase price of $290,000 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 of $290,000 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. Begin by preparing a schedule allocating the purchase price of $290,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.)
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