Lexington Garden Supply pays $ 280,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $ 93,000 , the building's current market value is $ 186,000 , and the equipment's current market value is $ 31,000. Prepare a schedule allocating the purchase price of $ 280,000 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 $280,000.
Market (Sales) Value Percentage of Total Market Value Cost of Asset
Land
Building
Equipment
Total
Date Accounts Debit Credit
Account choices:
Accounts Debit Credit
Building
Cash
Equipment
Land
Note Payable
Note Receivable
Now journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price.

Given:

Current market value:

Land = $93,000

Building = $186,000

Equipment = $31,000

We are required to prepare a schedule allocating the purchase price of $280,000.

The schedule is prepared below.

___________________________

Market (Sales) Value:

Land= $93,000;

Building= $186,000;

Equipment= $31,000;

Total= 310,000(93,000+186,000+31,000)

____________________________

% of Total Market Value:

Land= 30%(93,000/310,000);

Building= 60%(186,000/310,000); Equipment= 10%(31,000/310,000)

Total = 100%

____________________________

Cost of Asset:

Land= 84,000(30%*280,000)

Building = 168,000(60%*280,000)

Equipment = 28,000(10%*280,000)

Total = 280,000(84,000+168,000+28,000)

____________________________

b) To journalize the lump-sum purchase of the three assets.

Account title:____Debit: _____Credit:

Land _________84,000______0

Building_______168,000_____0

Equipment _____28,000______0

Note payable_____0_______280,000

Answer is attached for easier understanding.

answer; /// the correct answer is (shared); /// good luck

answer; ///(d); determining who competes most closely   with whom evaluating whether industry driving forces and competitive pressure favor some strategic groups and hurt others, and ascertaining whether the profit potential of different strategic groups varies due to the strengths and weaknesses in each groups respective market positions;