Everywhere Deliver Service paid $137,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $74,000, the building $44,000 and the equipment $24,000. Journalize the lump-sum purchase of the three assets for a total cost of $137,000, the amount for which the business signed a note payable. Note: When inputting a percentage value, do not include the % symbol, and round your percent answer to two decimal places (e.g.,50.346% would be 50.35). Use the rounded values for calculations throughout the assessment. Total Market Asset Value Percentage of Total Value Assigned Cost of X Purchase Price = Each Asset Land Building Equipment Total X X X Date Description Debit Credit

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that ba…