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OU. AL WAS 57-2. (Learning building, and equipment. At the us uate? Why is book...

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Accounting

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OU. AL WAS 57-2. (Learning building, and equipment. At the us uate? Why is book value less than cost? (I earning Objective 1: Measure and record th Measure and record the cost of individual assets in a lump-sum ce of assets) Lexington Garden Supply pays $280,000 for a group purchase of land, and equipment. At the time of acquisition, the land has a current market value of 000. the building's current market value is $31,000, and the equipment's current market S155,000. Prepare a schedule allocating the purchase price of $280,000 to each of the idual assets purchased based on their relative market values, then journalize the lump-sum base of the three assets. The business signs a note payable for the purchase price. $124.000, the build value is $155.000

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