Question: Rural Tech Support paid 130 000 for a group purchase
Rural 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 the lump-sum purchase of the three assets for a total cost of $ 130,000, the amount for which the business signed a note payable.
Relevant QuestionsAt the beginning of the year, Alaska Freight Airlines purchased a used airplane for $ 43,000,000. Alaska Freight Airlines expects the plane to remain useful for five years (4,000,000 miles) and to have a residual value of $ ...Global Positioning Net purchased equipment on January 1, 2013, for $ 36,000. Suppose Global Positioning Net sold the equipment for $ 26,000 on December 31, 2014. Accumulated Depreciation as of December 31, 2014, was $ ...Ogden Furniture purchased land, paying $ 70,000 cash plus a $ 300,000 note payable. In addition, Ogden paid delinquent property tax of $ 2,500, title insurance costing $ 2,000, and $ 8,000 to level the land and remove an ...Miracle Printers (MP) manufactures printers. Assume that MP recently paid $ 600,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to provide a competitive ...Midland Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Midland purchased goodwill as part of the acquisition of Shipley Wireless Enterprises, which had the following figures: Book value ...
Post your question