Question: Kline Corporation acquired additional land and a building that included
Kline Corporation acquired additional land and a building that included several pieces of equipment for $ 600,000. The acquisition was settled as follows: cash, $ 120,000; issuance of Kline’s common shares, $ 120,000; and signing of a long- term note, $ 360,000. An appraiser estimated the market values to be $ 200,000 for the land, $ 500,000 for the building, and $ 100,000 for the equipment. Indicate the accounts affected and the amount and direction (+ for increase and – for decrease) of the effect of this acquisition on the accounting equation. Use the following headings:
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