On April 17, 2014, Sanford Printing Co. Ltd. purchased a printing operation in Newmarket, Ontario, paying $1,450,000 in total. The purchase included a building valued at $800,000, land valued at $600,000, and printing presses valued at $200,000. Prepare the journal entry for the lump-sum purchase.
Answer to relevant QuestionsCrane Company purchased a company on November 11, 2014, paying $1,150,000 for assets with the following fair values: Asset Fair Value Land ................ $ 200,000 Buildings .............. 350,000 Factory equipment ...Innovative Inventions Ltd. had the following account balances on January 1, 2015: During the year, the corporation completed the following transactions and adjusting entries affecting long-term assets. May 1. Purchased a ...Crosser Company reported the following current assets and liabilities for December 31, 2015, and December 31, 2014: 1. Compute the quick ratio for December 31, 2015 and December 31, 2014. 2. Interpret the company’s quick ...On June 30, New Wave Company purchased land for $250,000, equipment for $325,000, and a building for $500,000, paying $500,000 cash and issuing a 5% note for the balance, secured by a mortgage on the property. The terms of ...Several months ago, Welker Chemical Company experienced a hazardous materials spill at one of its plants. As a result, the Environmental Protection Branch (EPB), Atlantic Region, fined the company $410,000. The company is ...
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