Provo Clothing purchased land, paying $ 80,000 cash plus a $ 220,000 note payable. In addition, Provo paid delinquent property tax of $ 1,500, title insurance costing $ 800, and $ 4,000 to level the land and remove an unwanted building. Record the journal entry for purchase of the land.
Answer to relevant QuestionsRural Tech Support paid $ 130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $ 70,000, the building $ 56,000, and the equipment $ 14,000. Journalize ...On March 31, 2013, Alternative Landscapes discarded equipment that had a cost of $ 20,000. Accumulated Depreciation as of December 31, 2012, was $ 18,000. Assume annual depreciation on the equipment is $ 2,000. Journalize ...Purple Corporation purchased equipment for $ 15,000. Purple recorded total depreciation of $ 12,000 on the equipment. On January 1, 2014, Purple traded in the equipment for new equipment, paying $ 18,000 cash. The fair ...Sierra Mountain Mining paid $ 448,500 for the right to extract mineral assets from a 500,000- ton deposit. In addition to the purchase price, Sierra also paid a $ 500 filing fee, a $ 1,000 license fee to the state of Nevada, ...McCabe Oil, Inc. has an account titled Oil and Gas Properties. McCabe paid $ 6,200,000 for oil reserves holding an estimated 500,000 barrels of oil. Assume the company paid $ 510,000 for additional geological tests of the ...
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