Answer:
land 112,000 debit
building 192,000 debit
equipment 16,000 debit
Cash 320,000 credit
Explanation:
We will add each fair value and calculate the weight of each concept:
land 147,000 --> 147,000/420,000 = 35%
building 252,000 --> 252,000/420,000 = 60%
equipment 21,000 --> 21,000 / 420,000 = 5%
total 420,000
Now we assign this weight ot the lump used to acquire the assets:
land: 320,000 x 35% = 112,000
building 320,000 x 60% = 192,000
equipment: 320,000 x 55% = 16,000
