Jourdan Company purchased a restaurant building, land, and equipment for $700,000 cash. The appraised value of the
Question:
Land ......... $160,000
Building ....... 400,000
Equipment ...... 240,000
Total ......... $800,000
Required
a. Compute the amount to be recorded on the books for each of the assets.
b. Record the purchase in a horizontal statements model like the followingone.
Transcribed Image Text:
Assets - Liab. +Equity Rev.xp Net Inc. Cash Flow Cash + Land+ Building +Equip.
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a Asset Appraised Value Percent of Appraised Value Land 160000 20 Building 4000...View the full answer
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Related Book For
Survey of Accounting
ISBN: 978-0078110856
3rd Edition
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
Question Posted:
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