1. wholesale banners pays $ 240 comma 000 cash for a group purchase of land, building, and equipment. at the time of acquisition, the land has a market value of $ 25 comma 000, the building $ 150 comma 000, and the equipment $ 75 comma 000. journalize the lump-sum purchase.

To journalize the lump-sum purchase;

Item                                      Value

Land                                  $24,000

Building value                  $144,000

Equipment value               $72,000

Lump-sum value              $240,000

Explanation:

Step 1: Determine the total market value of the acquisition

Total market value=land+building+equipment market value

where;

land market value=$25,000

building market value=$150,000

equipment market value=$75,000

replacing;

Total market value=25,000+150,000+75,000=$250,000

Step 2: Determine the proportion of market value that contributes to the lump-sum

Land value=(land market value/total market value)×lump-sum

Land value=(25,000/250,000)×240,000=$24,000

Building value=(Building market value/total market value)×lump-sum

Building value=(150,000/250,000)×240,000=$144,000

Equipment value=(Equipment value/total market value)×lump-sum

Equipment value=(75,000/250,000)×240,000=$72,000

Step 3: Journalize the lump-sum purchase

To journalize the lump-sum purchase;

Item                                      Value

Land                                  $24,000

Building value                  $144,000

Equipment value               $72,000

Lump-sum value              $240,000

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