Advanced Automotive pays $ 320 comma 000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $ 70 comma 000 , the building's current market value is $ 35 comma 000 , and the equipment's current market value is $ 245 comma 000. Prepare a schedule allocating the purchase price of $ 320 comma 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.
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