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Pitsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At...

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Accounting

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Pitsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $99,000, the building's current market value is $165,000, and the equipment's current market value is $66,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased basad on their relative market values, then joumalice the lump-sum purchase of the three assets. The business signs a noto payable for the purchase price. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assots purchased based on their rolative market values, then journalize the lump-sum purchase of the three assets. The bushess signs a note payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $300,000. (Do not enter the % sign within the input flelds of Ele Percentage of Total Marhet column.)

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